Aite Group reveals that at least a third of large U.S. financial institutions won't have an advanced fraud detection and transaction monitoring solution in place by the end of the year. At least a third won't have a stronger user authentication solution f
Boston, MA, October 26, 2006 – In a new report, Online Banking and Brokerage Security: 12/31 and Beyond, Aite Group reviews where major financial institutions stand with their current online security deployments and what their plans are for the next 18 months. For that report, Aite Group surveyed 12 financial institutions among the top 50 U.S. banks (determined by the number of checking accounts) and the top 10 retail brokers (determined by the number of online customers), which represent a combined 19.2 million active online banking and brokerage users.
"As stronger authentication and fraud detection make it harder to crack the technology barriers, social engineering is likely to grow in importance, " warns Gwenn Bézard, a Research Director with Aite Group and the author of the report. "Financial institutions will need to better secure the phone channel and ensure that fraud attempts don't successfully trickle down to their weakest link -- their employees," adds Bézard.
The vendors mentioned in the report include Bharosa, Corillian, EMC's RSA Security, Entrust, and Verisign.
This 24-page Impact Report contains 21 figures. Clients of Aite Group's Fraud & AML service can download the report.