A new Aite Group survey shows 56% of respondents plan to add additional authentication to their treasury management online channel despite being satisfied with their current authentication.
Boston, May 9, 2017 — Aite Group’s latest report, Trends in Authentication for Treasury Management, examines how cybercrime continues to plague users of online and mobile banking services. While the banks have done an excellent job overall of protecting these services with well-constructed multilayered approaches, one key area of vulnerability remains: authenticating individual users.
“With the increases in fraud attempts, and particularly business email compromises and fraudulent wire transfers, it is more critical than ever that banks provide the most robust methods of authentication as part of a fully layered fraud prevention approach,” says Aite Group senior analyst Linda Coven. “As these methods are improved, banks need to be ready to adopt and get their clients to adapt to the changes.”
Aite Group surveyed 18 financial institutions that offer treasury management online and mobile services from January through March of 2017. This report provides insight into the current methods being employed for multifactor authentication and how those methods may be changing.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.