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Consumer Online Fraud Survey

RSA, The Security Division of EMC, released the findings of its fourth annual Financial Institution Consumer Online Fraud Survey. Conducted in December 2006, the 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:

* 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 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 “” – compared to 83% in the US

OSA Editorial Comments:

Oh by the way if you an extra few minutes, please take our: OSA Survey

I am glad to see that banking officials are taking a active roll in trying to solve some of the major problems, with authentication methods! It’s time to say: “enough is enough” or scream out from the rooftops that “Were not going to Take IT Anymore!!” We as an Internet family have to band together and force politicians, the Federal Government, and International leaders to make changes in how we treat Cyber Criminals.

Get “7? Fraud-Prevention DVDs
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Your Online Security Authority
Bill Wardell

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