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.

 

 

 

 

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