Security Tools News & Tips

The result of the fourth annual Financial Institution Consumer Online Fraud Survey conducted by RSA indicates that majority of the online users say bank must dump the ‘username-and-password’ authentication and offer stronger security. The online survey was conducted on December 2006, 1,678 adults from eight countries around the world took part on issues such as phishing, vishing and keylogging, and on the efforts of their financial institutions to strengthen remote channel banking authentication.

Key results of the survey include:

* 91% of account-holders answered that they are willing to start using a new authentication method, beyond the standard ‘username-and-password’, if their banks decided to offer stronger security
73% commented that they would like their financial institution to use risk-based authentication
* 69% of account-holders believe that financial institutions should replace username-and-password log-in with stronger authentication for online banking
* 58% of account-holders believe that financial institutions should deploy stronger authentication for telephone banking
* 82% of account-holders would like their banks to monitor online banking sessions and telephone banking sessions for signs of irregular activity or behavior – similar to the way that credit card transactions are monitored today
* While many financial institutions have begun moves to deploy stronger authentication over the past year, only 39% of account-holders are aware of it
* Less than 70% of respondents in the UK (69%) and in Australia (65%) claimed to be familiar with the term “phishing” – compared to 83% in the US