Many banks still treat each of their channels separately for the purposes of security and need to take a more holistic view when weighing up options for customer authentication and security.
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Gartner analyst Alistair Newton told delegates at the analyst group’s financial services conference that if banks continued to deploy channel-specific authentication it would confuse customers and disrupt the customer relationship.
Newton said banks looking at security needed to:
- choose security that was appropriate to the risk of any transaction
be consistent across channels
- consider the options for reuse of any investment
- the likely requirements of any potential additional channels, like mobile banking or payments.
“And banks need to stop thinking about authenticating just the customer – and start thinking about authenticating all parties,” he added.
“Customers need to be about to trust bank sites, which makes two-way authentication a logical step to take.”