With so much online fraud aimed at users of Web-based banking and brokerage sites, experts have long postulated that financial services providers would eventually play a bigger role in helping end users defend themselves, such as via offering advanced security features and anti-malware tools directly to customers versus relying on end users alone to protect their own devices.
However, as many of these companies have attempted to foster such programs over the years, as in the distribution of two-factor authentication tokens and the like to their customers, users have frequented rebelled in the name of keeping their online interactions as straightforward as possible, instead of embracing the extra devices or passwords they've been asked to use to go about their e-business.
In fact, some experts have maintained that the more virtual levers that banks and other companies force their users to throw in order to get into their online accounts, the more likely those customers are to simply to move to another service provider whose systems aren't as onerous to use. (Editor's Note: Besides NOT being limited to 2FA, and providing a money transfer platform, bill payment platform and eCommerce transactional platform, "straightforward" is yet another reason HomeATM's PCI 2.0 Certified device is superior to tokens and OTP dongles. There is nothing "onerous" about using it and you can't get anymore "straightforward." Last time I checked, "everyone" knows how to swipe their card and enter their PIN. It's what they do at ATM's and/or brick and mortar locations everyday of their lives.)
At the same time, attacks including Trojans and Web-based drive-bys targeting e-banking and trading applications have only continued to become more ubiquitous and sophisticated.
Now, some proponents of the provider-driven anti-malware model contend that the time has actually come for the concept to take off, based both on the sheer amounts of money, and customers, that banks are losing at the hands of cyber-crime.
With the towering costs of customer churn and people returning to paper-based accounts staring them in the face, online banks are looking for new ways to solve the problem, claims Michael Stanfield, CEO of Virginia-based Intersections, a vendor of so-called identity risk management solutions.
In addition to the continued proliferation of threats, the arrival of more effective anti-fraud tools, such as those sold by Intersections, is driving more widespread adoption of the systems among banks and trading companies, he said.
To note, 90 percent of the company's current business is coming from white-label OEM deals with big name banks
"The perception that integrating more expansive security features into their services will actually cost them business has led some of these providers to hesitate to be more proactive, but in the next two or three years I think we're going to see a dramatic shift as these companies simply can no longer afford the levels of fraud and customer turnover that they've seen over the last few years," Stanfield said. including Bank of America, CapitalOne and CitiBank, the executive said.
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Thank you for this post Connor. It was great working with you and all the students in Sacramento.I encourage you to add screen shot of your app and also link to it
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