News & Views - Savantor

Time for tougher authentication?

Friday, 16 August 2013
With account switching about to become easier in the UK as from next month a timely piece of research from Alaric shows that while poor customer service is the main factor in switching, an ability to deal with fraud is not high on the list.  Their new bank having a good track record for stopping fraud was identified by just 4% of polled consumers as the factor most likely to make them switch accounts, dropping to 2% of UK respondents.  The banks probably feel the same about their customer’s ability to help prevent fraud as a study by DataGenetics shows that credit and debit card thieves are able to successfully guess more than 25 percent of stolen card PINs within 20 attempts and usually the worst PINs are those that are overly simple or sequenced.  Unsurprisingly the 10 most-used PINs in order of frequency of use are: 

·         1234

·         1111

·         0000

·         1212

·         7777

·         1004

·         2000

·         4444

·         2222

·         6969

Few consumers put much effort into determining a PIN.  In fact, with just three combinations, fraudsters could get into nearly 20% of accounts and clean them out.  So if consumers aren’t bothered about fraud mostly because it’s the banks that take the hit maybe it’s time, with online fraud rising, to push other forms of authentication again.

 

 

 

 

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

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 Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

EMV Migration Planning

"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."

Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

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

Complex Cards Business Transformation

"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."

Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain

Commercial Card Migration

"Execution at its best. We're delighted that this project has been truly outstanding and received an award from 'The Banker'. Savantor provided crucial expertise that helped us keep all our promises in terms of delivery. The scheduling, planning and control regime throughout was excellent."

Chris Mason, Director - Commercial Cards EMEA - Citi - UK

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

Platform Selection

"Savantor's support in our platform selection process has enabled us to sustain our profitability and positioning for the future. Their advice and guidance was essential to our decision-making."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

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.