EU cyber security Agency calls for secure e-banking and e-payments: non-replicable, single-use credentials for e-identities are needed in the financial sector
Different tokens, devices, mobile phone, e-signatures, etc. are used to authenticate our e-identities. Yet, some financial institutions are still not considering the risk of inadequate authentication mechanisms according to a new study by the EU Agency ENISA. The report analyses current e-Finance fraud and correlates it with the financial institutions customers’ authentication mechanisms. The report underlines the need for updated security mechanisms; and provides 10 recommended approaches.