26 Aug

Barclays customers suffer most internet banking incidents

Barclays customers suffer most internet banking incidents
26.Aug.2019

Barclays current account holders endured the most incidents that affected their use of internet banking over a year, writes Jane Connolly.

According to a report by Money Saving Expert, Barclays reported 21 such incidents to the Financial Conduct Authority (FCA) between 1 July 2018 and 30 June 2019.

Next in line were Lloyds Bank and Santander, who both reported 15 incidents. The FCA’s figures revealed that 24 banks had at least one ‘operational and security incident’ related to online banking.

Banks must report online banking glitches to the FCA if they meet certain criteria. These include incidents that, at the lower impact level, affect more than 10% of the payment service provider’s regular level of transactions, or 25% at the higher impact level.

A Barclays spokesperson tells Money Saving Expert that the bank welcomes transparency and reports every incident to the regulator, even minor glitches. They add that incident numbers have fallen quarter-on-quarter for the last four reporting periods.

Barclays says: “We are pleased to have seen a consistent reduction in our operational and security incidents throughout the course of the last year, and remain focused on continuing this progress.”

Link:https://www.fintechfutures.com/2019/08/barclays-customers-suffer-most-internet-banking-incidents/

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