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Consumers Want Stronger Authentication For Online Banking

Security threats such as phishing frauds are corroding consumer confidence in electronic banking, according to a recent survey named "Consumer Online Fraud Survey". Consumers want banks to provide some strong authentication in addition to their usual username and password. However, they differ in suggesting the specific technology they would like to deploy.

The survey done by security specialist RSA Security results reveal that 91% account holders are ready to adopt new authentication techniques beyond the normal username & password, if stronger security is what their banks intend to provide them with. 73% said they desired their banks or financial institutions to adopt risk-based verification. Another 69% suggested that all the use of other authentication method than username and password login.

The survey further finds that 58% customers believe that banks should have strong authentication techniques to secure telephone banking. A good 82% desire their financial institutions to watch over online banking as well as phone banking sessions to keep them clear of irregular activities. The process could be similar to monitoring transactions made through credit card.

While over the previous year various financial institutions had started deploying stronger authentication, merely 39% customers know about it.

About 70% people surveyed in UK (69%) & Australia (65%) said they were aware of phishing attacks on the Internet while in the U.S. 83% said the same.

Another result of the survey showed that 82% of U.K. respondents would not sign up for Internet banking since the threats occurred, or, those who had already signed up were now reluctant to continue with the service. A large 82% of online banking account holders said they would rarely reply to e-mails sent by their bank fearing the possibility of phishing scams that increased from 79% during 2005.

According to Christopher Young, vice president and general manager, Consumer Solutions at RSA, 2006 has been a year of gradual incline in deployment of Internet banking security. With the market edging to right direction and above 90% consumers agreeing for stronger security, banks need to consider this while pulling up their business.

Related article: Consumer NZ Website Encounters Hack

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