Andrew Shikiar, executive director at FIDO Alliance, a global consortium working on the creation of open standards for simpler, stronger user authentication, agrees. “The banking industry invests huge proportions of its IT budgets to protect its customers. Unfortunately, bank and IT solutions are largely helpless on their own against one of the biggest threats that people face: social engineering. These attacks are often successful due to the fact that the point of failure is ultimately human,” he says. “Introducing strong authentication without frustrating customers will prove to be a competitive advantage for the banks that get it right. It is a major selling point to any customer that cares about their money or is fed up with increasingly convoluted processes getting in their way of simply accessing financial services.”
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