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Abbey customers say no to two-factor authentication

According to research from high-street bank Abbey, just one in three of its customers want a two-factor authentication security device,...

According to research from high-street bank Abbey, just one in three of its customers want a two-factor authentication security device, and even fewer think staff should ask them security questions to validate their identity.

Abbey quizzed its customers on how they wanted security to be provided. Despite concerns over internet fraud, the priority for customers was that any security measure should be hassle-free.

Neil Wilson, Abbey's director of financial crime, said, "People want security with the least hassle. Finding customer-friendly ways to protect people and their accounts is key. Monitoring is one of the most important factors in preventing card fraud."

Abbey said it monitors accounts for fraudulent activity. When it identifies suspect transactions, the bank contacts the customer concerned on their mobile to ask them to verify that they made the transaction. In the event of an unverified transaction, the account will be automatically blocked.

Abbey added that it had fitted anti-skimming devices on its ATMs to prevent card cloning. A spokesperson admitted that this was because Abbey's cashpoints still read from a card's magnetic strip when its chip and pin system was not working.

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