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7th Annual Authentication Report: Weakening of Knowledge Based Authentication Provides New Opportunities for Customer Acquisition and Retention
Javelin Strategy & Research, Sep 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
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