IntroductionOnline banking continues to evolve, both in terms of customer uptake and the sophistication of the offerings. Datamonitor looks atthe security issues at the current state of play with regard to the technology to address themScope*Online banking*Authentication, b ehavioral analysis and other security technologiesHighlightsInternet banking is on the increase, in terms of both the number of people using it and the variety of transactions being carried out. This is leading to a requirement for greater security in the authorization of online customers and greater integrity in their banking sessions.Reasons to Purchase*Gain an insight into the evolution of online security*See how banks are seeking to complement authentication technology with things like behavioral analysis

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Security in Online Banking (Strategic Focus)
Published on July 2009
Report Summary
Introduction
Online banking continues to evolve, both in terms of customer uptake and the sophistication of the offerings. Datamonitor looks atthe
security issues at the current state of play with regard to the technology to address them
Scope
*Online banking
*Authentication, b ehavioral analysis and other security technologies
Highlights
Internet banking is on the increase, in terms of both the number of people using it and the variety of transactions being carried out.
This is leading to a requirement for greater security in the authorization of online customers and greater integrity in their banking
sessions.
Reasons to Purchase
*Gain an insight into the evolution of online security
*See how banks are seeking to complement authentication technology with things like behavioral analysis
Table of Content
Overview 1
Catalyst 1
Summary 1
Key Messages 3
Online banking has grown, as has the range of things that customers are doing online 3
Banks are increasing IT spend on online services and online security this year 3
There are opportunities in client-side and back-end authentication technologies 3
The US has a broader definition of 2FA/MFA than Europe 3
Mobile phones are gaining traction as a channel for delivering a second factor 3
A tiered approach to online security is advisable 3
As phishing increases banks will need to do more on reverse authentication 4
User education will be required for some types of technology 4
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Table of Contents 5
Table of figures 6
Market opportunity 7
Online banking has grown, as has the range of things customers are doing online 7
More account holders are banking online 8
More account holders are transferring funds online 9
The increasing popularity of online banking raises its profile for fraudsters 9
Banks are increasing IT spend on online services and online security this year 10
There are opportunities in client-side and back-end authentication technologies 15
Technology Evolution 16
Adoption of 2FA/MFA has varied markedly by region 16
Europe was first to adopt 2FA 16
Initiatives in Asia Pacific got underway mid-decade 17
In the US, the FFIEC called for the implementation of 2FA, but was not prescriptive about the type of technology 18
The US has a broader definition of 2FA/MFA than Europe 18
The FFIEC's non-prescriptive approach has spawned alternative technologies in the US 19
Mobile phones are gaining traction as a channel for delivering a second factor 19
Customer Impact 20
Online security must be integral to banks' business 20
A tiered approach to online security is advisable 20
As phishing increases banks will need to do more on reverse authentication 21
User education will be required for some types of technology 21
Competitive Landscape 22
Client-side technologies 22
ActivIdentity 22
Authentify 23
Commerce Media 23
CRYPTOCard 23
Fronde Anywhere 24
Gemalto 24
GrIDsure 24
IBM 25
PassFaces 25
SafeNet 26
SecurEnvoy 26
Thales 27
Vasco 27
VeriSign 27
Vett 28
Back-end technologies 28
ACI 28
Entrust 29
Ericsson 29
Guardian Analytics 29
Iovation 30
Quova 31
RSA 31
Tier-3 32
Go to Market 33
Recommend a mixture of technologies 33
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Disruption to existing infrastructure is to be discouraged 33
Banks will need help with user education 33
Delivering technology as a service will appeal to smaller US and German institutions 33
Channel partners will be key in such accounts 34
Countries with greater banking concentration prefer to buy products 34
The fight against fraudsters will go on, so a long game may be in order 34
APPENDIX 35
Definitions 35
CAPTCHA 35
IP geolocation 35
Man-in-the-middle (MITM) attacks 35
Man-in the-browser (MITB) attacks 35
One-time password (OTP) 36
Out-of-band authentication (OOBA) 36
Transaction Authentication Number (TAN) lists 36
Two-factor authentication/Multi-factor authentication (2FA/MFA) 37
Methodology 37
Further reading 38
Ask the analyst 38
Datamonitor consulting 38
Disclaimer 38
List of Figures
Figure 1: Percentage of US adults who "do some internet banking" (i.e. not necessarily daily) 9
Figure 2: European banks' investment priorities for payments in 2009 11
Figure 3: North American banks' investment priorities for payments in 2009 12
Figure 4: European banks' channel investment priorities for 2009 13
Figure 5: North American bank's channel investment priorities in 2009 14
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