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Security & Privacy A business and marketing perspective
Author
Jim Bruene
Published
Apr. 8, 2003; OBR 93/94 Part 1
Pages
Part 1: 28-page summary; Part 2: 80-page detail
Format
Printed, PDF, or Word
Size
2.4MB
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Abstract: In the developed world, consumers and businesses look to banks to safeguard their assets, especially cash deposits and valuable documents. Similarly, in an age of global hacking and 24/7 access, users are looking for someone to safeguard their financial information, maintain the highest levels of privacy, and assist in making secure ecommerce transactions.
So far, financial institutions have done a good job meeting those needs. However, increasingly sophisticated identity thieves and con artists threaten to undue the tenuous trust built during the past 10 years. We believe banks will realize significant increases in fraud losses unless they improve authentication procedures and do a better job enlisting the support of users to monitor their own accounts. Otherwise, fraud will undermine the channel, both in the minds of users and internally as management tires of battling fraudulent loan and deposit applications.
This report identifies ways to improve actual and perceived security, and how to communicate your security precautions to customers.
Contents
- Building a trustworthy Web site:
- Third-party endorsements
- Leveraging your privacy policy
- Survey of security and privacy practices at the 40 largest online banks in North America
- Enlisting the support of customers in your fight against fraud
- Fee-based security products and services for consumers
- Passwords
- Best practices and recommendations
- Procedures at 14 major banks and card issuers
Companies mentioned: American Bank, American Express, AmSouth Bancorp, Bank of America, Bank of Montreal, Bank One, BB&T, Boeing Employees Credit Union, Capital One, Centura Bank, Charter One Bank, Chase Bank, CIBC, Citibank, Commerce Bancorp, DeepGreen Bank, Discover Card, e*Trade Bank, Everbank, Fifth Third Bank, First USA Bank, FleetBoston, GeoBytes, Harris Direct, Hibernia, Huntington Bank, HSBC, ING Direct, KeyCorp, MBNA, National City Bank, Navy Federal Credit Union, NetBank, PayPal, Provident Bank, Providian, Quova, Regions Bank, Royal Bank, Schwab, ScotiaBank, SunTrust, Security First Network Bank, Security Service Federal Credit Union, Sovereign Bank, State Employees Credit Union, TD Bank, US Bank, Wachovia, Washington Mutual, WebCheck Analysis, Wells Fargo, World Savings.
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