7th Annual Authentication Report: Weakening of Knowledge Based Authentication Provides New Opportunities for Customer Acquisition and Retention
Javelin Strategy & Research, September 2011, Pages: 41
Banks continue to rely on increasingly antiquated knowledge based authentication (KBA) technology. Consumer familiarity and comfort with these methods of authentication have partially driven the ubiquity of this form of authentication, but social engineering and poor consumer habits greatly undermine the effectiveness of KBA. New authentication technologies have given FIs the opportunity to both reduce the risk of social engineering and expedite the authentication process. With the proper marketing and positioning of new authentication methods, FIs can assuage consumer fears of change and reassure consumers that their security is a priority. With more robust methods of authentication, FIs can attract new consumers while creating a safer environment for their current clients.
Primary Questions
- What authentication technologies are consumers currently using, and what is their perception of those methods?
- How are less prevalent authentication methods being perceived regarding ease of use and effectiveness?
- What are ways for the consumers to identify legitimate banking sites on different banking channels?
- How viable is the introduction of new authentication technology?
Audience:
Financial institutions: marketing department and security department, online vendors, consumers, mobile vendors, third party authentication vendors , online marketing, and security vendors
Overview
Primary Questions
Methodology
Executive Summary
Recommendations
The Value of Authentication
Consumer Perception of Authentication
Perception of Effectiveness
Strengthening Security Questions
Perception of Ease of Use
Consumer Perception Affected by Familiarity with Technology
Creaky Passwords Still Drive Authentication
Authenticating the FI
EV SSL Users
Target Consumers for FI Authentication Technology
Fourth Factor Authentication
Target Consumers for Geolocation Authentication
Out-of-Band Authentication
Biometric Authentication
The Ears Have It
Barriers to Adoption
Advantages of Biometric Adoption
Target Consumer Populations and Areas of Focus
The Future of Smartphone Authentication
The Case for Voice Authentication
Appendix
Related Research
Companies Mentioned
List of Figures
Figure 1: How Compelling Consumers Find Authentication When Choosing a New FI
Figure 2: How Compelling Robust Authentication Is by Banking Channel, 2011
Figure 3: Effectiveness of Authentication Methods According to Consumers, 2009 – 2011
Figure 4: Consumer Perception of Ease of Use of Authentication Methods, 2010 – 2011
Figure 5: Consumer Use of Authentication Method, 2010 – 2011
Figure 6: Perception of EV SSL Effectiveness by Familiarity with the Technology, 2011
Figure 7: Perception of Ease of Use Among Consumers Who Have Used EV SSL and All Consumers
Figure 8: Perception of Mutual Authentication Among Online Bankers
Figure 9: Perception of Geolocation, 2011
Figure 10: Online Banking Frequency by Antivirus Use, 2011
Figure 11: Consumer Perception of Ease of Use by Familiarity, 2011
Figure 12: Consumer Biometric Preferences
Figure 13: Reasons Consumers Are Reluctant to Use Biometrics, 2011
Figure 14: Perceived Effectiveness and Ease of Use of Biometric Authentication by Banking Channel, 2011
Figure 15: Perception of Biometric Effectiveness by Familiarity with Biometric, 2011
Figure 16: Preference for Authentication Methods When Conducting High-Risk Transactions by Online Bankers, 2011
Figure 17: Consumer Familiarity with Authentication Methods, 2010 – 2011
Figure 18: Ease of EV SSL Use According to Consumers, 2011
Figure 19: Mobile Bankers’ Biometric Preferences, 2011
- ASUS
- National Australia Bank
- Desert Schools FCU
- PhoneFactor
- eVOTZ
- Salmat
- Lenovo
- Toshiba
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