News & Views - Savantor

Divided opinion over two-factor authentication with contactless

Monday, 07 April 2008

Following the view expressed in the last edition it is interesting to see retail chain EAT announcing their participation in the contactless roll out.  Also interesting to see others such as Prêt a Manger are simply asking customers to swipe their cards for items less than £10 with no CVM needed.  Whilst this may be a cheaper alternative for retailers it is also probably causing some confusion on the contactless roll out for customers.

There also seems to be some confusion on the two factor authentication front with the banks split on whether it is a good thing or not.  Abbey have stated that despite continuing security concerns, two thirds of customers do not want their bank to provide chip and PIN-style authentication devices.  The bank says a survey of 1000 of its own customers found that just one-in-three people (32%) want to be supplied with a security device to further secure online transactions.  Well one could argue that if 32% of your customers want something then it might be reasonable to provide it.  Leave the other 68% without it and see what happens.

Unlike other UK banks such as Royal Bank of Scotland, Barclays, LloydsTSB and Nationwide Building Society, Abbey has stated that it has "no plans" to supply authentication devices to customers.  HSBC has also opted out of issuing authentication devices to customers on the basis that its existing monitoring procedures and customer education initiatives are already effective in detecting and preventing fraud.

However RBS and Nationwide have begun issuing customers with Xiring hand-held authentication devices to access online banking accounts while Barclays has issued customers with its PINSentry devices which are used with a customer's normal debit card and PIN to authenticate their identity at log in and for making certain payments.  Both these initiatives seem to be lacking some central organisation to drive and communicate the roll out as there was for chip and PIN.

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Business and Platform Strategy

"Savantor successfully advised Rabobank during preparing of the platform migration for cards. Savantor demonstrated thorough knowledge of business processes and market players combined with a practical approach."

Evert Fekkes, Business Information Manager - Rabobank - Nederland

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

New Fuel Card Guidelines

"Savantor successfully assisted Clear2Pay by providing specialist EMV expertise."

Marie Costers, General Manager - Clear2Pay Open Test Solutions

Market Insights

"Savantor did a good job in helping us understand the dynamics of a key growth area for Trionis. Savantor's ability to listen and their degree of commitment have always impressed me. They have been of great help in providing us important market insights and I would not hesitate to work with them again in future."

Ernst Verbeek, Managing Director - Trionis - Belgium

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

Acquiring market insight and strategy review

"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."

Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.