Media Advisory: Javelin Research Concludes Online Banking Consumers Prefer Device Recognition for Authentication
Posted on: Wednesday, 15 February 2006, 12:00 CST
Javelin Research and Strategy reports that more than 50 percent of online banking consumers polled prefer device recognition. The report released today, Device Recognition for Online Authentication, reveals that authenticating the device(s) used to access online accounts is the most preferred solution over image display and one-time-password methods. The report was sponsored by iovation, the first device reputation authority for the Internet and provider of strong two-factor, two-way device authentication.
Device recognition is preferred by 52 percent of consumers who indicated that they feel safer or very safe having the device they use to access the Internet as a second factor of authentication. The report also concludes that device recognition solutions provide a balance between convenience and security for financial institutions implementing strong authentication solutions.
"Consumers show more likelihood to adopt a device recognition solution, and therefore the implementation bodes well for positive ROI and continued use of the online channel," said Bruce Cundiff, payments and financial industry research analyst at Javelin.
Javelin conducted this research in an effort to assist financial institutions in their decision processes for stronger authentication, ensuring that those decisions are based on a complete understanding of solutions which consumers are most likely to adopt, and provide a higher degree of confidence.
For a copy of the report, visit http://www.iovation.com/javelinpr
About iovation
iovation, based in Portland, Ore. provides the Internet's first device reputation authority for companies requiring strong multi-factor authentication or experiencing significant online fraud activity. iovation has pioneered unique online fraud-detection technologies that link users and their accounts with physical devices, and can share the reputation of those devices with other subscribers. iovation currently manages the reputation of millions of devices.
Legal Notice: All rights reserved. iovation is either a trademark or registered trademark and the iovation logo is a service mark of iovation. Other product or service names mentioned herein are the trademarks of their respective owners.
Source: Business Wire
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