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Editor's Blog and Industry Comments

Convenience prevails over gadgetry for on-line security

27 March, 2008
Despite increasing alarm over identity theft and the security of online banking and e-commerce, a survey of Abbey's customers reveals that more than two thirds of its customers reject the idea of hardware based two factor authentication.
Natwest toyed with the idea, issued readers and didn't follow up, Barclays went the full mile and Abbey asked for its customers' opinions before deciding whether to adopt hardware authentication for its online banking operation.

The results of this consultation is that the majority of Abbey customers are happy with what they have at present and don't want to be encumbered with CAP devices or so-called sleeve readers which. After connecting the reader to a computer, to perform a transaction, the user needs to insert their card and enter their PIN. The reader generates a one-time authentication code which is used to authorise funds transfers.

The problem with the device, according to Abbey, is that it is too inconvenient for people to use, particularly those who are on the road.

However, the lack of public acceptance of this technology, according to GrIDsure, is no reason to stand still and banks still need to continue their campaign to improve the robustness of their security systems whilst recognising the needs of their customers for a solution that is both secure and user-friendly.

Read more about GrIDsure's product in their article published today in their news section on our site.
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