Consumers Want Better Online Security
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Nine out of ten online account holders would be willing to use stronger authentication measures than the standard ‘username and password’ format, according to a study by RSA

The security company asked 1678 adults from a number of countries, including Australia, for their views on online security and threats.

Opinions varied on the preferred method of authentication, however the majority (73 percent wanted their institution to use risk-based authentication.

Risk-based authentication involves the bank’s IT division assessing the user’s identity according to factors such as log-on location, IP address and transaction behaviour. Forty percent want to use a hardware token for authentication.

Eighty-two percent of respondents want banks to monitor online and phone banking sessions for irregular activity.

A further 58 percent of respondents believe financial institutions should also use stronger authentication for phone banking, the study found.

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