18 October 2017
visit www.response.ncr.com

Entrust releases new authentication product as Internet confidence wanes

20 October 2004  |  4837 views  |  0 online checkout

Consumer trust of the Internet and online banking services is on the wane following negative publicity about phishing crime and identity theft, according to a survey of 2000 US adults commissioned by Entrust.

The research found that consumers expressed heightened resistance in using the Internet due to concerns over identity theft, but noted a willingness to engage in more and higher value services online if security is improved.

According to Entrust 72% of users who do not currently bank online would be likely to participate if identity security was improved; and 90% of those who already bank online would likely take advantage of additional, higher value services if their identities were better protected.

Indeed, 65% of the sample stated that increased security of their online identities would influence their selection of online banks, while 22% would be "very likely" to switch banks to obtain better protection of their online identity.

The survey results indicate users would be willing to change the way they access online services if it improves the security of their identity, with 78% of Internet users prepared to use two factor authentication.

Publication of the results coincides with the launch by Entrust of IdentityGuard, a new two-factor authentication product which uses random grids of alphanumerical characters that are in turn used to answer a challenge presented when accessing online transactions. Customers can access the grids in multiple formats, for example on stand-alone wallet-sized plastic cards, in conjunction with existing cards or even in downloadable files.

Phil Schacter, analyst at Burton Group, describes the Entrust systems as "a step in the right direction" as it doesn't rely on the distribution of costly tokens or hardware interface devices.

"One of the compelling advantages of the new system that Entrust is proposing is its simplicity and the absence of a heavyweight technical infrastructure," he says.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK police to press charges over phishing scam

UK police to press charges over phishing scam

14 October 2004  |  6270 views  |  0 comments
Egnatia Bank deploys Digipass for online authentication

Egnatia Bank deploys Digipass for online authentication

14 October 2004  |  3718 views  |  0 comments
Barclays Bank signs up to Cyota's anti-phishing service

Barclays Bank signs up to Cyota's anti-phishing service

04 October 2004  |  7099 views  |  0 comments
Apacs launches anti-phishing Web site

Apacs launches anti-phishing Web site

01 October 2004  |  10411 views  |  0 comments
Phishing losses total $500 million - Nacha

Phishing losses total $500 million - Nacha

29 September 2004  |  10840 views  |  0 comments
Operation Web Snare targets online crime

Operation Web Snare targets online crime

27 August 2004  |  8066 views  |  0 comments
ID theft set to rise as card fraud falls - Datamonitor

ID theft set to rise as card fraud falls - Datamonitor

25 August 2004  |  6022 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15146 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8360 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7864 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7294 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6442 views comments | 8 tweets | 16 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job