Online Banking Security in Europe

July 9, 2003

Abstract

Paris, France July 9, 2003

: Balancing security, ease of use, culture and cost.

According to Celent Communications, European Banks spend on average two to three times as much per online banking customeron fraud prevention technologies compared to their American counterparts.

The annual amount lost to online banking fraud in Europe pales in comparison to the combined budgets banks devoted to prevention. European Banks continue to spend on prevention technology primarily because of cultural attitudes towards the perceived risk and the potential damage to the brand image from any fraud incident.

In a new report entitled " ," Celent provides an overview of the different ways banks provide security around authentication for online retail and corporate banking customers.

"Unlike the American market which predominantly uses a username/password combination to authenticate its consumers, European banks have deployed a great variety of strong authentication solutions to serve both corporate and retail users" says banking analyst Alex Brutin.

The report gives an overview of the authentication solutions used in the 15 largest European banks as well as a country overview on both the retail and corporate level.

A is available online.

of Celent Communications' Retail Banking research service can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.

        

Send mail to info@celent.com with questions or comments about this Web site.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

Paris, France July 9, 2003

Online Banking Security  in Europe

Return to report Abstract

 

EXECUTIVE SUMMARY 3
INTRODUCTION 4
A PRIMER ON ENCRYPTION 6
SECURITY CONFIGURATIONS 10
SECURITY ENVIRONMENTS OF RETAIL VS. CORPORATE BANKING 18
TECHNOLOGY VENDORS 20
COUNTRY COMPARISON 22
CONCLUSION 26

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