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The Sky IS Falling: The Need for Stronger Consumer Online Banking Authentication

Product Type: Market Research Report
Published by: TowerGroup
Published: April 2005
Product Code: R301-942
Description
This TowerGroup Research Note discusses the emerging methods that criminals are exploiting over the Internet to compromise customer information with the intent of committing online fraud. The Note discusses stronger authentication approaches as a way to combat the growing risk of widespread customer credential theft. TowerGroup urges the industry to develop stronger authentication approaches to combat fraud and preserve consumer confidence in online banking.
Table of Contents
TowerGroup Take-Aways




Report Coverage




Background


Exhibit 1: Vulnerabilities Reported to the US Computer Emergency Readiness Team (1995-2004)




The Need for Stronger Authentication

Evolving Attack Vectors


Exhibit 2: An Example of Cross-Site Scripting


Malicious Payloads


Exhibit 3: Increasing Sophistication of Online Attacks and Associated Defenses (1995-2005 and Beyond)




Jupiter Aligns with Mars




Authentication Options

Single-Factor Authentication

Two-Factor Authentication


Exhibit 4: An Evaluation of Authentication Options (2005)

Exhibit 5: Example of a Single-Use-Password Token: E*Trade's Secure ID Device




Recommended Actions for FSIs




Summary
Ordering and More Information
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