Spaniards Consider that Banking Institutions Are the Best Prepared Entities to Protect Them from Cyber Fraud

• Banking entities are the institutions that generate the most trust among Spaniards to protect their data, according to a study by Sigma Dos.
• This perception is supported by the high level of security attributed to digital banking, the trust generated by these entities in protecting personal data, and the positive assessment of their cybersecurity measures.
• Bizum has become the digital operation with which Spaniards feel the safest.
• Digital fraud does not originate within the reinforced security perimeter of digital banking, but through other digital channels.
• Practically half of citizens admit to conducting digital transactions irresponsibly or with awareness of their potential danger.

In a context of high digitalization and increasing perception of the risks associated with cyberattacks, Spaniards trust banking institutions against digital scams. Banking entities are the most prepared institution and generate the most trust, rated at 7.1 out of 10, among Spaniards of all ages to protect their personal data, ahead of the State Security Forces and Corps, technology companies, or Public Administrations.

This assessment reflects the commitment that citizens attribute to banks regarding the protection of their personal and financial data, and the high security of digital banking, according to the “Cybersecurity Opinion Study” conducted by Sigma Dos and presented this morning at the event ‘Cybersecurity, a Shared Challenge’, organized by the Spanish Banking Association (AEB) and CECA.

Thus, the vast majority of citizens believe that their bank cares about the security of their personal and financial data, and they feel secure when using digital banking. Additionally, they positively assess the cybersecurity measures implemented by their institution to protect their confidential information.

Spaniards hold a very positive view of the protection of personal data offered by banks, rating it at 7.3, which shows an increase of nearly five percentage points compared to 2023 in the number of Spaniards who feel safe (much or fairly) when operating with digital banking. Bizum has become the digital operation with which Spaniards feel the most secure.

Digital fraud does not originate within the reinforced security perimeter of digital banking, which is clearly perceived by users, but through other, more vulnerable digital channels: 65% of Spaniards admit to having received fraudulent emails or SMS, 50% deceptive calls, and 25% contacts via social media. Those aged over 65 are the age group with the lowest incidence of cyber fraud.

Furthermore, the study reveals that digital banking is ingrained as an everyday service in Spanish society, with 83.5% of the population using it. In fact, as explained by the General Director of Sigma Dos, Rosa Díaz, “its use is above other digital transactions such as dealings with Public Administrations or access to free content.”

Six out of ten Spaniards acknowledge that they do not possess sufficient knowledge regarding cybersecurity, although a very similar percentage believes they adopt adequate protection measures. This implies that many citizens think they are protected when, in practice, this is not always the case: more than a quarter do not adopt sufficient measures to protect their security, and over a third of young people aged 18 to 29 mistakenly believe that the bank can request keys or passwords via SMS, email, or WhatsApp.

These data highlight the importance of continuing to promote initiatives such as those developed by the banking sector in the areas of digital training and financial education: platforms like Aula Financiera y Digital, which includes an ad hoc cybersecurity space with immediate access tips and initiatives, or awareness campaigns like ‘In the digital, worry equally’, deployed across social media and communication channels.

The president of the Spanish Banking Association (AEB), Alejandra Kindelán, emphasized that “cooperation among authorities, companies, and institutions is essential. No one can face this challenge alone.” On his part, the General Director of CECA, Antonio Romero, explained that “digitalization is a beneficial transformation for the economy, but it brings a series of challenges. Cybersecurity is crucial for financial stability. We need to ensure trust in cybersecurity for economic advances to continue.”

The event also featured participation from Ana Puente, Deputy Director General of Sustainable and Digital Finance; Carlos Sanz Luengo, Director of Payment Systems at the Bank of Spain; Miriam Verde, Secretary General of INCIBE; Rosa Díaz, General Director of Sigma Dos; and Elisa Espinosa, Research Director of Sigma Dos.