Authentication and protection for e-finance consumers: the dichotomy of cost versus ease of use

  • Authors:

  • Seungjae Shin;Jerry Cunningham;Jungwoo Ryoo;Jack E. Tucci

  • Affiliations:

  • Division of Business and Industry, Mississippi State University, Meridian, 1000 HWY 19N Meridian MS 39307, USA.;Division of Business and Industry, Mississippi State University, Meridian, 1000 HWY 19N Meridian MS 39307, USA.;Division of Business and Engineering, The Pennsylvania State University-Altoona, 163 LRC 3000 Ivyside Park, Altoona PA 16601, USA.;Division of Business and Industry, Mississippi State University, Meridian, 1000 HWY 19N Meridian MS 39307, USA

  • Venue:
  • International Journal of Electronic Finance
  • Year:
  • 2009

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Abstract

Multifactor authentication is a tool to combat identity theft and is mandated by the Federal Financial Institutions Examination Council. However, there are only a few US financial institutions that have implemented two-factor authentication. A goal for financial institutions is to provide both a secure and easy-to-use system for customers. This article describes web authentication technologies that are currently available to financial institutions and provides an interpretation of survey results to identify the perceptions/expectations of online customers. In our online banking customer survey, we found that online banking customers are willing to sacrifice some ease-of-use for more secure online banking transactions.