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The State of Online Banking Security

The State of Online Banking Security

Of the top 100 U.S. banks, 38% have seen an increase in online banking fraud losses in the past 12 months. Phishing and Malware attacks are bankers' top online security concerns.

Boston, MA, April 11, 2007 – In a new report, The State of Online Banking Security, Aite Group highlights banks' current security issues and concerns, as well as the technology and investment directions within the Web, phone, and mobile banking channels. The report is based on a March 2007 survey of 21 of the top 100 U.S. retail banks.

"Banks are still in the midst of upgrading their fraud-monitoring and authentication capabilities, and they will keep purchasing such technologies within the next 24 months," says Gwenn Bézard, research director at Aite Group and co-author of the report. "The investment rage hasn't spread over to the phone channel, yet; however, online account opening risk mitigation, Malware, and mobile banking security will likely be the next set of hot button issues that get attention."

This 12-page Impact Note contains 10 figures and tables. Clients of Aite Group's Fraud & AML service can download the report.