The pressure for banks in the U.S. to increase their security for online access to personal accounts may have reached the tipping point. The news that hackers stole information from 200,000 Citi credit cardholders may lead to financial institutions enabling stronger authentication for online access, according to a Reuters report.
Much of this pressure has come from banking regulators, financial security experts and research analysts such as Gartner Research’s Avivah Litan.
Litan posits that though banks past in online security has been mostly spotless, recent incidents culminating with the Citigroup breach have created a situation where security updates and new protocols have become unavoidable.
Nilson Report Publisher David Robertson expect a short-term solution of tokens for online account access and payment approval that will eventually move to a biometric solution such as fingerprint recognition.
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