Friday, 2 February 2007
RSA Announces Findings of Annual Consumer Online Fraud Survey |
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RSA, the Security Division of EMC, has released the findings of its fourth annual Financial Institution Consumer Online Fraud Survey. Conducted in December 2006, the online survey asked 1,678 adults from eight countries around the world for their opinions on evolving fraud threats 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:
- 91per cent 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
- 73per cent commented that they would like their financial institution to use risk-based authentication
- 69 per cent of account-holders believe that financial institutions should replace username-and-password log-in with stronger authentication for online banking
- 58 per cent of account-holders believe that financial institutions should deploy stronger authentication for telephone banking
- 82 per cent 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 per cent of account-holders are aware of it
- Less than 70per cent of respondents in the UK (69 per cent) and in Australia (65 per cent) claimed to be familiar with the term 'phishing'—compared to 83per cent in the US
In addition, trust in the online channel continues to erode. 82per cent account-holders are less likely to respond to an e-mail from their bank due to scams including phishing – up from 79 per cent in 2005 and 70 per cent in 2004—and more than half said that they would be less likely to sign-up for or use online banking as a result. In addition, 44per cent of account-holders reported that they have become increasingly concerned about other types of attacks (besides phishing), such as Trojans and keyloggers, over the past six months, as per the report.
"2006 was an eventful year for banks in Singapore ramping up their online banking security with two-factor authentication. Our survey affirms that the market is moving in the right direction, with more than 90 per cent of consumers now willing to use stronger security when it is deployed, and this is something that banks should take into consideration when looking to accelerate their business", said Ross Wilson, managing director, RSA, South Asia & India. "We anticipate that 2007 will bring new steps forward in online banking security, albeit in the context of an evolving threat landscape that is driving the need for added protection in other remote channels – with a focus on telephone banking."
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