RSA Security has signed Pennsylvania-based American Bank and Stonebridge Bank to its two-factor authentication technology, SecurID.
The RSA SecurID hardware-based system operates on the customer's password or PIN and a randomly generated six digit number which changes every sixty seconds. The system will be rolled out to the banks' Web banking customers to secure online transactions.
Fred Schea CFO, Stonebridge Bank, says: "With the increased reports of phishing, pharming and other fraud techniques, there has been a groundswell of concern over whether personal online information is secure."
Mark Jaindl, president and CEO, American Bank, adds: "RSA SecurID technology is a convenient, cost-effective solution that should help instill confidence in our online banking customers."
A May 2005 survey of 8200 commissioned by RSA Security showed that over 80% of respondents felt threatened by online identity theft and fraud. The survey, conducted by Lightspeed Research, also showed that 80% of respondents would have more trust in their account provider - and greater confidence in transacting online - if they were offered a hardware-based authentication system. Furthermore, almost half (44.5%) of respondents said they would be more likely to switch account providers if a competitor offered hardware-based two-factor authenticators.