Multi-Channel Authentication Via Mobile Banking: Assessing the Technologies, Vendors, and Solution Providers : Market Research Report

Multi-Channel Authentication Via Mobile Banking: Assessing the Technologies, Vendors, and Solution Providers

Published by: Javelin Strategy & Research

Published: Sep. 1, 2009 - 92 Pages

Overview
Primary Questions
Key Findings
Executive Summary: Mobile Brings New Strengths to the Authentication Strategy
Javelin's A.C.E. Model for Authentication: Application for Channels; Customer Utility; Ease of Use; Preference; Perception; Convenience; Effectiveness Against Fraud
The Authentication Technology Grid: Rating the Authentication Technologies; Rating the Technology Vendors; Rating the Mobile Banking Solutions Providers; MOST PROMISING AUITHENTICATION TECHNOLOGIES PER JAVELIN ANALYSIS; Why Layered Authentication Works Best
Individual Authentication Technologies: KBA-Challenge Response; Mutual Authentication; Biometrics; Biometrics-Fingerprint; Biometrics Voice; Biometrics-Vien Pattern Recognition; Device Recognition; Out of Band Authentication; PKI; One-Time Password; OTP-Hardware; OTP-Software; OTP-SMS
Technology Vendors: Explanation of Vendor Analysis and Target Grid; Arcot Systems; Authentec; Authentify; Entrust; Fujitsu; Gemalto; Green Armor; Hitachi; PhoneFactor; RSA; TriCipher; ThreatMetrix; Vasco; VeriSign; Upek
Solution Vendors: CellTrust; ClariMail; Firethorn; Fronde Anywhere; Harland Financial Systems; Jack Henry & Associates; M-Com; mFoundry; MMV; Monitise Americas; MShift; Tyfone; Yodlee
Appendix A: Javelin’s Evolving Authentication Platform
Appendix B: A.C.E. in detail
Appendix C: Authentication services offered by solution vendor
Glossary
Methodology
Related Research
Companies Mentioned
Table of Figures: Figure 1: How Authentication Can Mitigate Fraud; Figure 2: Mobile Banking Ecosystem; Figure 3: Javelin's A.C.E. Model for Authentication; Figure 4: Consumers’ Ease-of-Use Rating of Various Authentication Methods; Figure 5: Consumers’ Most Preferred Methods of Verifying Identity for Higher-Risk Transacting; Figure 6: Consumer Ratings of Effectiveness of Authentication Methods for Online Banking; Figure 7: Effect of Authentication Methods on Consumers’ Online Activities; Figure 8: Authentication Technology Grid; Figure 9: Technology Vendors; Figure 10: Authentication Technologies Provided by Mobile Banking Solutions; Figure 11: Authentication Solutions among Mobile Banking Vendors; Figure 12: Javelin's Most Promising Authentication Technologies; Figure 13: Vulnerabilities and Fixes for Authentication Technologies; Figure 14: Consumers’ Most Preferred Biometrics Authentication; Figure 15: Javelin’s Evolving Authentication Platform; Figure 16: A.C.E. in Detail; Figure 17: Authentication Services Offered by Solution Vendors in Detail

Abstract

Institutions face growing risks to their assets, legal liability and reputations as they seek to securely and conveniently authenticate their customers across multiple channels. With 86% of adults owning a handset, mobile banking is poised for explosive growth. Yet, with each new channel, institutions face a multitude of decisions surrounding strong authentication to determine the best approach that covers all channels balancing the needs for the highest effectiveness against fraud with the greatest convenience for their customers. Implemented correctly, mobile strengthens cross-channel authentication, covering online, mobile, ATM, branch, and call center.

Javelin Strategy & Research provides an analysis and ranking of 11 authentication technologies, 15 authentication technology vendors, and 13 mobile banking solutions vendors to assist financial institutions in the decision process and implementation of their FFIEC-compliant multichannel authentication strategy. The model evaluates authentication technologies for application to individual and multiple channels, likelihood of consumer adoption and effectiveness against fraud.

Primary Questions

What types of strong authentication technologies strike a balance among application to multiple channels (online, mobile, ATM, branch and call center), consumer usability and the likelihood of adoption, and effectiveness as a security measure?
Which authentication solution vendors offer the highestrated strong multichannel authentication technologies that will appeal to the greatest number of consumers?
How can institutions best integrate the mobile channel into their existing authentication strategies?
What authentication technologies work best in the real world? Which work best in the online world?
Which authentication technologies are the most secure?
Which mobile banking solution vendors offer the highestrated authentication options that work across multiple vendors?

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Multi-Channel Authentication Via Mobile Banking: Assessing the Technologies, Vendors, and Solution Providers

Table of Contents

Abstract