Eskenzi PR ad banner Eskenzi PR ad banner
  • About Us
Saturday, 4 February, 2023
IT Security Guru
Eskenzi PR banner
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
IT Security Guru
No Result
View All Result

One in four consumers would share their DNA with their bank to secure financial and personal information

by The Gurus
June 15, 2015
in Editor's News
Share on FacebookShare on Twitter

A new report [1] from Telstra reveals the majority of consumers using mobile banking applications want their mobile devices to instantly recognise them via biometrics, such as fingerprint and voiceprint, instead of having to prove who they are with passwords and usernames.
According to Telstra’s “Mobile Identity – The Fusion of Financial Services, Mobile and Identity” report, with smartphones now the primary channel used by Gen X and Gen Y to access and manage their finances, expectations around how financial institutions manage mobile identity are being transformed.
“For the last six months, we’ve spoken to consumers and banks all over the world, in an effort to understand how our relationship with our smartphone is affecting our relationship with our financial institutions,” said Rocky Scopelliti, Global Industry Executive for Banking, Finance & Insurance, Telstra.
“What we uncovered is that when it comes to mobile banking applications, consumers no longer believe in just the safety of passwords and usernames.
“Instead, two-thirds of consumers think that using biometrics – such as voice, fingerprint, iris and facial recognition – would be more secure and help reduce the risks of fraud.
“In fact, one in four consumers would even consider sharing their DNA with their financial institution, if it meant it would make authentication easier and their financial and personal information more secure,” he said.
According to the research, while factors such as interest rates and ease of accessing funds used to be the most important considerations when selecting a financial institution, today, more than half of consumers cite the security of their finances and personal information their top priority, together with their institutions’ reputation for security.
Despite this, the report found that only a third of consumers were ‘very satisfied’ with their institutions’ authentication methods, with one third willing to pay an extra £11 GBP per annum for more sophisticated mobile security measures.
“Our research shows consumers are using their mobile banking applications in some really cutting edge ways, so they’re expecting much more than ever before from their financial services providers in terms of security, innovation and functionality.
“In fact, Gen X and Gen Y has become so dependent on their smartphones to access their financial services, that it’s led to a behavioral state we are calling ‘no-finapp-phobia’ – the fear of being without financial applications,” he said.
In the UK, Nationwide and NatWest customers are the most satisfied with the identity and authentication methods offered and are accordingly, the most likely to recommend them. In the US, USAA customers are the most satisfied with the identity and authentication methods offered and are accordingly, the most likely to recommend them.
“With our consumption of financial services intrinsically linked with the mobile device, our mobile identity is the key to unlock trust with our service provider.
“For ‘no-finapp-phobic’ Gen X and Gen Y consumers it’s time to create mobile identity solutions that instantly recognise them for who they are,” Mr Scopelliti concluded.
[1] About the research:
By invitation, 318 executives from a cross section of financial services business types and roles across Asia Pacific, Europe and America participated in a survey. The research further includes a quantitative study, commissioned by Telstra, of 4,272 Gen X (1965-1979 and Gen Y (1980-1994) consumers of financial services in seven countries: Australia, Singapore, Malaysia, Indonesia, Hong Kong, the United Kingdom and the United States of America. The data set was weighted to be representative of each countries total population. The objective of this research was to understand attitudes towards identity and security with current financial services institutions and their customers. Additionally, we wanted to gauge local consumer perceptions to three mobile-based identity experiences and assess the potential impact of these on current behavioural patterns.

FacebookTweetLinkedIn
Tags: AuthenticationBankingbiometricsDNAmobile bankingsecurity
ShareTweetShare
Previous Post

New watering hole attack used to identify and track users in China who visit censored websites

Next Post

ITSG NEWS Poweliks – a new danger for consumers?

Recent News

london-skyline-canary-wharf

Ransomware attack halts London trading

February 3, 2023
Ransomware conversations: Why the CFO is pivotal to discussing and preparing for risk

Ransomware conversations: Why the CFO is pivotal to discussing and preparing for risk

February 2, 2023
JD Sports admits data breach

JD Sports admits data breach

January 31, 2023
Acronis seals cyber protection partnership with Fulham FC

Acronis seals cyber protection partnership with Fulham FC

January 30, 2023

The IT Security Guru offers a daily news digest of all the best breaking IT security news stories first thing in the morning! Rather than you having to trawl through all the news feeds to find out what’s cooking, you can quickly get everything you need from this site!

Our Address: 10 London Mews, London, W2 1HY

Follow Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

This site uses functional cookies and external scripts to improve your experience.

Privacy settings

Privacy Settings / PENDING

This site uses functional cookies and external scripts to improve your experience. Which cookies and scripts are used and how they impact your visit is specified on the left. You may change your settings at any time. Your choices will not impact your visit.

NOTE: These settings will only apply to the browser and device you are currently using.

GDPR Compliance

Powered by Cookie Information