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Security in Online Banking (Strategic Focus)

Publication Date	July 2009
Publisher	Datamonitor
Product Type	Report
Pages	38
ISBN Number	not applicable
Product Code	DAT12223

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Summary

Online 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 them

Scope

Online banking
Authentication, b ehavioral analysis and other security technologies

Highlights

Internet 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

Content

Overview

Catalyst

Summary

Key Messages

Online banking has grown, as has the range of things that customers are doing online

Banks are increasing IT spend on online services and online security this year

There are opportunities in client-side and back-end authentication technologies

The US has a broader definition of 2FA/MFA than Europe

Mobile phones are gaining traction as a channel for delivering a second factor

A tiered approach to online security is advisable

As phishing increases banks will need to do more on reverse authentication

User education will be required for some types of technology

Table of figures

Market opportunity

Online banking has grown, as has the range of things customers are doing online

More account holders are banking online

More account holders are transferring funds online

The increasing popularity of online banking raises its profile for fraudsters

Banks are increasing IT spend on online services and online security this year

There are opportunities in client-side and back-end authentication technologies

Technology Evolution

Adoption of 2FA/MFA has varied markedly by region

Europe was first to adopt 2FA

Initiatives in Asia Pacific got underway mid-decade

In the US, the FFIEC called for the implementation of 2FA, but was not prescriptive about the type of technology

The US has a broader definition of 2FA/MFA than Europe

The FFIEC's non-prescriptive approach has spawned alternative technologies in the US

Mobile phones are gaining traction as a channel for delivering a second factor

Customer Impact

Online security must be integral to banks' business

A tiered approach to online security is advisable

As phishing increases banks will need to do more on reverse authentication

User education will be required for some types of technology

Competitive Landscape

Client-side technologies

ActivIdentity

Authentify

Commerce Media

CRYPTOCard

Fronde Anywhere

Gemalto

GrIDsure

IBM

PassFaces

SafeNet

SecurEnvoy

Thales

Vasco

VeriSign

Vett

Back-end technologies

ACI

Entrust

Ericsson

Guardian Analytics

Iovation

Quova

RSA

Tier-3

Go to Market

Recommend a mixture of technologies

Disruption to existing infrastructure is to be discouraged

Banks will need help with user education

Delivering technology as a service will appeal to smaller US and German institutions

Channel partners will be key in such accounts

Countries with greater banking concentration prefer to buy products

The fight against fraudsters will go on, so a long game may be in order

APPENDIX

Definitions

CAPTCHA

IP geolocation
Man-in-the-middle (MITM) attacks
Man-in the-browser (MITB) attacks
One-time password (OTP)
Out-of-band authentication (OOBA)
Transaction Authentication Number (TAN) lists
Two-factor authentication/Multi-factor authentication (2FA/MFA)
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
Figure 1: Percentage of US adults who "do some internet banking" (i.e. not necessarily daily)
Figure 2: European banks' investment priorities for payments in 2009
Figure 3: North American banks' investment priorities for payments in 2009
Figure 4: European banks' channel investment priorities for 2009
Figure 5: North American bank's channel investment priorities in 2009