Six in ten UK consumers (60%) think that having fewer than three security steps including passwords, card readers or letters from a memorable word is “insufficient” to secure their bank account, research released by Equifax and YouGov reveals.
“Multi-layer authentication is common practice among financial providers,” says John Marsden, head of ID and fraud at Equifax. “However, many consumers are unaware of the invisible layers that also form part of the verification process when they’re accessing their bank accounts.
“As account hacking remains an issue, it’s no surprise that loss of financial details is a top concern for consumers, who increasingly demand higher security to protect their money.”
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I wish I believed that many bank customers have given it any thought.
I got an upgrade to my BoA app today. I took the occasion to look at all the security features and settings available to me. It now includes all of the controls that this expert is aware of us. There are multiple settings and choices that provide the customer with more than “three levels” of security. However, conversations at a family wedding this weekend tells me that many customers are not even aware of all these features, much less how to use them to achieve a comfortable level of security.
I found a setting, one that I knew about but did not know was available to me, that allows me to disable that EMV card with the credit card account number in the clear on a magnetic stripe. While it remains risky to use, disabling it at least makes it safe to carry while only marginally less convenient to use.