News

In user authentication, one size might not fit all

Research suggests that different demographic groups find differing degrees of value in their financial institutions' authentication methods.

January 19, 2016

Bankers often bemoan that U.S. consumers, knowing they will not bear the brunt of fraud losses, don’t care about security but expect their financial institutions to protect their accounts, nonetheless.

But would understanding consumers’ opinions on these matters be helpful in determining which authentication investments will be the most successful? Aite Group thinks it might.

A recent study by the research firm suggests that a single authentication approach might not work for all customers, and that protection layers and consumer education produce more dependable results.

This bar graph, from the report, "Combating Fraud: Consumer Preferences," illustrates the differences among demographic groups when it comes to securing their financial information:

In addition to analyzing consumer opinions about FIs' authentication methods, the report offers a look at the U.S. public's feelings about data breaches.

The report is based on a Q2 2015 Aite Group online survey of 2,021 U.S. consumers.