News & Views - Savantor

UK slow in the 2-factor uptake

Monday, 02 July 2007

One of the articles in this edition mentions the use by Nordea of 2 factor authentication in online shopping rather than just for online banking.  This is a first and we might expect that the UK would be showing more signs of rushing down this road too given that the latest research shows

  • total online spending has topped £10bn, while online revenues for retailers tipped four per cent of total retail spending - both for the first time.  Online spending in the UK is predicted to reach £28.1bn by 2011. 
  • card-not-present fraud losses have increased by 16 per cent in the last year and now account for just under 50% of all card fraud losses

However movement in the UK market is slow with only Royal Bank of Scotland and Barclays deploying hand held readers for online banking log in.

Nationwide Building Society plans to begin deploying card readers to its online customers later this year and Halifax is expected to select authentication technology and begin a roll out in the autumn.  Lloyds TSB has shelved plans to deploy them to customers.  HSBC says its existing monitoring procedures and customer education initiatives are already effective in detecting and preventing fraud.  Along with HSBC, Abbey has also stated that it doesn't intend to issue two factor authentication technology to customers.  The information on Nordea's initiative doesn't mention the costs of the devices but it may be something that UK customers are prepared to pay for given their concerns on online security and the fact that plastic spending has trebled in the last 10 years.

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