Banks must take integrated approach to security

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Banks must take integrated approach to security

Christian Annesley

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.

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.”

 


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