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Online Account Security: Consumer Preferences for Authentication
Javelin Strategy & Research, Aug 2005, Pages: 4
What security solutions do consumers want?
Financial institutions in the midst of strategy and investment decisions for security and enhanced authentication solutions must understand consumer preferences in order to ensure adoption and ROI.
Primary questions addressed in this report?
- What security measures do consumers most want to see banks implement?
- Which authentication solutions resonate with consumers?
- How can banks overcome the common public misconceptions surrounding identity fraud?
Major Findings:
Consumers are interested in a variety of security solutions, with the most popular being guarantees, identity fraud insurance, and credit monitoring. Consumers react well to non–intrusive authentication methods that don’t require them to carry a token or plug a device into their PC.
When presented with a variety of authentication methods, more than half of consumers selected challenge questions, and more than one-third selected computer/device recognition among their top choices. Banks must balance three issues when making security strategy and investment decisions: consumer preference, implementation costs, and the viability of those solutions.
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