OneSpan™ (NASDAQ: OSPN), a global leader in software for trusted identities, e-signatures and secure transactions, today announced the release of The Future of Adaptive Authentication in the Financial Industry, a report prepared by the Information Security Media Group. Based on a broad survey of financial institutions, the report reveals the sector’s challenges in authentication practices and strategies, and highlights the growing tension between improving security, reducing fraud and enhancing the digital customer experience.
The survey results reveal the biggest challenges stopping banks and financial institutions from being able to confidently authenticate customers and step up security include:
96 percent of organizations still rely on legacy processes tied to username and passwords for authentication;
44 percent have too many disparate tools, which are challenging to coordinate effectively;
44 percent are challenged by the use of legitimate credentials exposed in data breaches and social engineering schemes in account takeover attempts.
As a result of these challenges, more than 60 percent of respondents plan to invest in new multifactor authentication technologies in 2019, including those that rely on biometrics and AI/machine learning.