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An article relating to this blog post on Finextra:

Customers don't want authentication devices, says Abbey

Despite continuing security concerns, two thirds of customers do not want their bank to provide chip and PIN-style authentication devices, according to UK high street bank Abbey.


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What about the one third of customers who want security

I totally understand that not every customer wants additional security from the hassle point of view but I really think Abbey (and other organisations) are missing a major point. 

If 32% of your customers want something is that not reason enough to offer it to them?

Leave the other 68% without any 2nd factor for the time being and see what happens.  I bet that a significant proportion of them will move over time to want more security, especially if they themself have fraud issues on their Abbey or other online acocunts.

I am also not surprised that when shown the Chip and PIN style device that people do not want it.  There are other devices, such as credit card style tokens with an LCD which generates a OTP which are much more user friendly.  There are even ones with a Challange and response functionality available totally replacing the need for a seperate Chip and PIN reader.

 

 

 

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Comments: (3)

A Finextra member
A Finextra member 26 March, 2008, 17:55Be the first to give this comment the thumbs up 0 likes

Mobile phone authentication represents a better strategy anyway.

Transinteract integrates ID, transaction and email authentication, electronic document signing and a whole lot more services using a device your customer already has in hand.

Those Abbey customers aren't fools they just don't want extra gadgets they'll have to pay for one way or the other, carry around and throw out too soon. 

What do you want a solution or a toy? 

A Finextra member
A Finextra member 31 March, 2008, 18:21Be the first to give this comment the thumbs up 0 likes

32% want one type of security / 68% want some other kind - 100% want to feel secure. Fi's need to consider offering something more appropriate.

In a world of technology convergence why is the industry keep churning out more hardware? 

Some customers will be naturally happy to use a hand held next to the PC at home for internet banking and CNP payments.

Meanwhile others may be more content with something integrated into mobile technology, or a higher level voice authentication process integrated into banks IVR so you can use any phone at hand for authentication.

I would be content with a system where the bank calls me to verify the payment, before release, and so we could actually authenticate each other.

 

 

 

 

A Finextra member
A Finextra member 01 April, 2008, 03:40Be the first to give this comment the thumbs up 0 likes David, without blatantly advertising, Transinteract's solution verifies both the bank/merchant and the account holder to each other in the same process using any mobile phone (or even landline for internet banking if you still have one) in a few seconds. No talking, no gadgets, no copying things into the browser and at the lowest cost.