White Papers for Gramm Leach Bliley Act (GLBA)

Security For Online Banking That Users Want and Will Pay For

Phone Factor

As cases of identity theft rise to unprecedented levels, online banking customers are growing increasingly dependent on their trusted service providers to insulate them from the malicious threats that continue to increase in number and severity. In fact, a study conducted by Symantec noted an increase of 468% in the number of new threats in 2007. In addition, more sophisticated threats have emerged recently that are redefining established security best practices. The most prevalent threats include phishing, keystroke logging, credit card skimming and man-in-the-middle attacks. The magnitude of their infiltration into the
financial services sector is astounding.This paper will look at how these threats affect online banking customers, their feelings about the current level of security and willingness to adopt additional security measures. The paper includes the findings of a study conducted by Harris Interactive which was commissioned to understand how a financial institution’s customers would perceive the value of PhoneFactor, a unique phone-based authentication solution, by their institution as a value add to their current solution.

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