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Security in Online Banking (Strategic Focus)

IntroductionOnline banking continues to evolve, both in terms of customer uptake and the sophistication of the offerings. Datamonitor looks atthe security issues at the current state of play with regard to the technology to address themScope*Online banking*Authentication, b ehavioral analysis and other security technologiesHighlightsInternet banking is on the increase, in terms of both the number of people using it and the variety of transactions being carried out. This is leading to a requirement for greater security in the authorization of online customers and greater integrity in their banking sessions.Reasons to Purchase*Gain an insight into the evolution of online security*See how banks are seeking to complement authentication technology with things like behavioral analysis

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Security in Online Banking (Strategic Focus)

  1. 1. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email!Security in Online Banking (Strategic Focus)Published on July 2009 Report SummaryIntroductionOnline banking continues to evolve, both in terms of customer uptake and the sophistication of the offerings. Datamonitor looks atthesecurity issues at the current state of play with regard to the technology to address themScope*Online banking*Authentication, b ehavioral analysis and other security technologiesHighlightsInternet banking is on the increase, in terms of both the number of people using it and the variety of transactions being carried out.This is leading to a requirement for greater security in the authorization of online customers and greater integrity in their bankingsessions.Reasons to Purchase*Gain an insight into the evolution of online security*See how banks are seeking to complement authentication technology with things like behavioral analysis Table of ContentOverview 1Catalyst 1Summary 1Key Messages 3Online banking has grown, as has the range of things that customers are doing online 3Banks are increasing IT spend on online services and online security this year 3There are opportunities in client-side and back-end authentication technologies 3The US has a broader definition of 2FA/MFA than Europe 3Mobile phones are gaining traction as a channel for delivering a second factor 3A tiered approach to online security is advisable 3As phishing increases banks will need to do more on reverse authentication 4User education will be required for some types of technology 4Security in Online Banking (Strategic Focus) (From Slideshare) Page 1/5
  2. 2. Find Industry reports, Company profilesReportLinker and Market StatisticsTable of Contents 5Table of figures 6Market opportunity 7Online banking has grown, as has the range of things customers are doing online 7More account holders are banking online 8More account holders are transferring funds online 9The increasing popularity of online banking raises its profile for fraudsters 9Banks are increasing IT spend on online services and online security this year 10There are opportunities in client-side and back-end authentication technologies 15Technology Evolution 16Adoption of 2FA/MFA has varied markedly by region 16Europe was first to adopt 2FA 16Initiatives in Asia Pacific got underway mid-decade 17In the US, the FFIEC called for the implementation of 2FA, but was not prescriptive about the type of technology 18The US has a broader definition of 2FA/MFA than Europe 18The FFIECs non-prescriptive approach has spawned alternative technologies in the US 19Mobile phones are gaining traction as a channel for delivering a second factor 19Customer Impact 20Online security must be integral to banks business 20A tiered approach to online security is advisable 20As phishing increases banks will need to do more on reverse authentication 21User education will be required for some types of technology 21Competitive Landscape 22Client-side technologies 22ActivIdentity 22Authentify 23Commerce Media 23CRYPTOCard 23Fronde Anywhere 24Gemalto 24GrIDsure 24IBM 25PassFaces 25SafeNet 26SecurEnvoy 26Thales 27Vasco 27VeriSign 27Vett 28Back-end technologies 28ACI 28Entrust 29Ericsson 29Guardian Analytics 29Iovation 30Quova 31RSA 31Tier-3 32Go to Market 33Recommend a mixture of technologies 33Security in Online Banking (Strategic Focus) (From Slideshare) Page 2/5
  3. 3. Find Industry reports, Company profilesReportLinker and Market StatisticsDisruption to existing infrastructure is to be discouraged 33Banks will need help with user education 33Delivering technology as a service will appeal to smaller US and German institutions 33Channel partners will be key in such accounts 34Countries with greater banking concentration prefer to buy products 34The fight against fraudsters will go on, so a long game may be in order 34APPENDIX 35Definitions 35CAPTCHA 35IP geolocation 35Man-in-the-middle (MITM) attacks 35Man-in the-browser (MITB) attacks 35One-time password (OTP) 36Out-of-band authentication (OOBA) 36Transaction Authentication Number (TAN) lists 36Two-factor authentication/Multi-factor authentication (2FA/MFA) 37Methodology 37Further reading 38Ask the analyst 38Datamonitor consulting 38Disclaimer 38List of FiguresFigure 1: Percentage of US adults who "do some internet banking" (i.e. not necessarily daily) 9Figure 2: European banks investment priorities for payments in 2009 11Figure 3: North American banks investment priorities for payments in 2009 12Figure 4: European banks channel investment priorities for 2009 13Figure 5: North American banks channel investment priorities in 2009 14Security in Online Banking (Strategic Focus) (From Slideshare) Page 3/5
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  5. 5. Find Industry reports, Company profilesReportLinker and Market Statistics Payment Information Please indicate the payment method, you would like to use by selecting the appropriate box. Payment by credit card Card Number: ______________________________________________ Expiry Date __________ / _________ CVV Number _____________________ Card Type (ex: Visa, Amex…) _________________________________ Payment by wire transfer Crédit Mutuel RIB : 10278 07314 00020257701 89 BIC : CMCIFR2A IBAN : FR76 1027 8073 1400 0202 5770 189 Payment by check UBIQUICK SAS 16 rue Grenette – 69002 LYON, FRANCE Customer signature:   Please note that by ordering from Reportlinker you are agreeing to our Terms and Conditions at http://www.reportlinker.com/index/terms Please fax this form to: Europe, Middle East and Africa : + 33 4 37 37 15 56 Asia, Oceania and America : + 1 (805) 617 17 93Security in Online Banking (Strategic Focus) (From Slideshare) Page 5/5

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