Banks need to stop relying on fixed passwords to fight fraud 
(13/10/2009)
Stephen Howes, CEO of GrIDsure, the alternative to PINs and passwords, commented on the latest fraud figures released by Financial Fraud Action UK:
"Although the latest fraud figures show signs of promise in certain areas, the levels of fraud across the UK are still shockingly high. In particular, they show that UK bank’s measures to crack down on online banking fraud have been unsuccessful, which will be like rubbing salt into the wounds of consumers who have to jump through hoops to login to their account online."
" Financial Fraud Action UK attribute the reduction in online shopping fraud to the enhanced use of security by Mastercard and Visa, but all these measures still rely on a fixed password, which is still inherently unsafe and leaves users wide open to fraudsters, especially phishers. "
"The industry needs to adopt a 'one time password' model across the board and alternatives such as software-based authentication techniques have been available for over two years. Adopting this technology can offer security that is stronger than current methods, yet is easier for customers to use and cheaper for banks to implement."
Related topics: Authentication and identity management Crime and Fraud Prevention
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