Security fears dog online banking

Powered by SC Magazine
 

Risk-based approach urged.

Online banking customers are worried about their financial security, but banks are lagging behind, according to a global survey of 4,500 internet users.

The survey identified security as a concern for 86 percent of online banking users, compared with just 68 percent for users of government web sites and 64 percent for online health care.

Four out of five wanted better protection than a simple password.

"Consumers are very much aware of the threats," Seth Geftic, senior manager of identity protection and verification at RSA, told V3.co.uk. "They are not satisfied with simple password protection. Consumers really want and need this security."

Geftic explained that, while some European banks use two-factor authentication, many UK and US banks are turning to risk-based authentication.

A risk-based approach monitors user behaviour and applies computer algorithms to usage patterns to determine whether an account has been compromised. Such systems avoid the 'man in the middle' attacks that can defeat two-factor authentication.

However, internet users are getting savvier about the threats from phishing and malware. In a similar survey in 2007, 63 percent of respondents were aware of Trojans, but this had risen to 81 percent last year.

The study also looked at social networking sites, and found that users are seriously worried about the levels of security.

"People are asking for more security and have said they would use it," said Geftic. "A lot of data on social networking sites is used to steal banking information. People have been trained not to answer an email from a bank, but attacks are more likely to come from social networking."

Copyright ©v3.co.uk


Security fears dog online banking
 
 
 
Top Stories
Coalition's NBN cost-benefit study finds in favour of MTM
FTTP costs too much, would take too long.
 
Who'd have picked a BlackBerry for the Internet of Things?
[Blog] BlackBerry has a more secure future in the physical world.
 
Will Nutanix be outflanked before reaching IPO?
VMware muscles in on storage startup in hyper-converged infrastructure.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Which is the most prevalent cyber attack method your organisation faces?




   |   View results
Phishing and social engineering
  70%
 
Advanced persistent threats
  3%
 
Unpatched or unsupported software vulnerabilities
  11%
 
Denial of service attacks
  6%
 
Insider threats
  10%
TOTAL VOTES: 648

Vote