Authentication and protection for e-finance consumers: the dichotomy of cost versus ease of use

Seungjae Shin, Jerry Cunningham, Jungwoo Ryoo and Jack E. Tucci

International Journal of Electronic Finance, 2009, vol. 3, issue 1, 31-45

Abstract: Multifactor authentication is a tool to combat identity theft and is mandated by the Federal Financial Institutions Examination Council. However, there are only a few US financial institutions that have implemented two-factor authentication. A goal for financial institutions is to provide both a secure and easy-to-use system for customers. This article describes web authentication technologies that are currently available to financial institutions and provides an interpretation of survey results to identify the perceptions/expectations of online customers. In our online banking customer survey, we found that online banking customers are willing to sacrifice some ease-of-use for more secure online banking transactions.

Keywords: multifactor authentication; phishing; online ID theft; electronic finance; e-finance; online banking; biometrics; security token; identity theft; web authentication; internet; e-banking; electronic banking. (search for similar items in EconPapers)
Date: 2009
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