22 December 2014

PCarroll

Pat Carroll - ValidSoft

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Online Banking

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Ringing into the next social generation of online

02 October 2012  |  5018 views  |  1

BT recently conducted a survey amongst 1000 of its staff in a bid to gauge their attitudes and approaches to online security.

What caught my eye about this survey is the simple fact that going online is an everyday occurrence and it made me think about just how far we have come with the internet. Most of us are reliant on the internet for our shopping, keeping up with friends, news feeds, information sharing, booking movie tickets and so on – the internet has shaped our social habits. BT’s survey highlighted that less than 1 per cent of respondents had not shopped online in the last twelve months!

The most interesting stat for me however, was the fact that two thirds of respondents were very or extremely concerned about the security of their personal details online. Also, 91% of respondents said they are interested in a single, stronger authentication method that would work for numerous online services. Interesting also that it’s the young (18 to 24 year olds), and the old(er) (over 45s) who are the most anxious about online security.

It’s true that fraudsters still manage to hack their way through the virtual walls of online security and we are still struggling to prevent online fraud even after all these years.

So where’s the next social trend going to come from? It’s quite clear that the mobile phone is already shaping our consumer habits to a great extent – it’s the next generation of online and that’s fantastic. What I do hope however, is that we learn some lessons from the take-up of the online channel and more quickly realise to the need to better secure our data. It’s encouraging to see that consumers are gradually wising up to being smarter with their data, as the BT survey highlighted. To safeguard consumers’ interests, security needs to be put at the heart of the mobile infrastructure from the outset.

TagsSecurityRetail banking

Comments: (1)

Mark Pavan - mapa research - London | 01 November, 2012, 09:30

Pat great post and absolutely agree with your mobile phone centric comment, and appreciate the very useful consumer statistics.

We have just published a report looking at digital banking security ( http://www.maparesearch.com/research/reports/digital-banking-security-report-how-to-successfully-balance-security-and-co ) and, as you would expect, the banks certainly are putting security at the heart of their mobile banking offerings. One way of doing this is the layering of security via the creation of "light log ins": these allow people to view their accounts ( but not transact) without full log in. This is particularly useful with hand held devices.

Another different example is Barclays who have recently allowed customers to use their mobile phones as their Pinsentry (the secure log in number generator needed to log in) device rather than the card based one originally needed. Adding convenience.

There are also good examples of banks being proactive around customer education on security; another important area.

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Throughout his career, Pat has been at the forefront of industry thinking, representing organisations on industry bodies and leading participation in industry initiatives. At ValidSoft, he leads the R...

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