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Telephone Banking Authentication Practical Approaches to Securing a Popular Yet Vulnerable Channel

Published by: Javelin Strategy & Research

Published: Mar. 1, 2007 - 23 Pages


Table of Contents



Overview

Primary Questions

Findings and Analysis

Over One-Third Of Consumers Bank By Phone: Channel Security Is Critical

Confidence High In Telephone Banking Safety Despite Fraud Potential

Expect Growth In Telephone Fraud With Advent Of VOIP

Weak, In-Wallet Authentication Prevails On The Phone Channel

Fortify Phone Authentication With Risk Scoring, Voice Biometrics And KBA

Vendor Solutions By Need: Comprehensive Or Component

What’s The Bottom Line

Related Research

Appendix A: 15% Of Fraud From In-Store, Mail Or Telephone Purchases

Appendix B: Online Bill Payers Have Higher Rates Of Phone Contact Then Non-Bill Payers………… 19

Appendix C: Telephone Channel Usage Increasing Over Historical Levels

Appendix D: Two-Thirds Of Consumers Use Telephone Channel

Appendix E: Passwords And Voice Recognition Are The Top Phone-Based Solutions

Abstract

Financial institutions (FIs) must implement effective authentication solutions that address specific, often mutually exclusive threats from different channels, while remaining in compliance with FFIEC guidelines which pertain to both telephone and online channels. With phone usage increasing over historical levels, this report provides comprehensive coverage and analysis of consumer preferences toward telephone banking, and evaluates the authentication methods currently being used by FIs for the phone channel. Building upon robust consumer data generated from a survey of 3,215 respondents, Javelin also interviewed several top FIs and authentication solutions providers to obtain qualitative input on current phone security efforts and market trends. Finally, Javelin investigates several well-known phone authentication products.

Primary Questions
  • How can FIs secure the phone channel, while maximizing efficiency and reducing costs?
  • Which phone authentication solutions provide the best security?
  • What phone authentication solutions are FIs using?
  • How many consumers conduct phone banking transactions (compared to other channels)?
  • How secure do consumers feel using the phone channel?


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