As consumers increasingly transact online, banks need to follow a diligent approach to enforcing security measures, especially in the face of emerging threats. Given the increasing risk of internet banking frauds, the question remains, “is it still safe to use internet banking? ”Tthe online banking experience, Gemalto commissioned a global study to speak to IT and business decision-makers from the banking sector and consumers across 14 markets, including the UAE. The study reaffirmed that security remains a consistent concern for both consumers and decision-makers worldwide. Alarmingly, almost half (49 per cent) of UAE consumers cited that they would change banking providers if their current bank had been breached, while over half (52 per cent) would switch if they knew another bank was offering better security measures.
Despite this awareness, a divide still exists between the security services offered by professional organisations and the services consumers are looking to use. Among IT professionals in the UAE, 60 per cent stated that data breaches in transactional processes are the main concern around security that comes from offering digital banking solutions. Despite this, only 40 per cent of them offer their clients biometrics (facial, voice or iris recognition) as a way to secure their payments. Some 68 per cent of UAE professionals are still offering one-time passwords as a security solution, an outdated option which can easily be compromised by hackers. Surprisingly, the differences in professional and consumer perceptions lies in the reported majority (98 per cent) of respondents believing that their customers are confident in their organisation’s mobile and online banking security mechanisms. On the other hand, 47 per cent of UAE consumers still feel there are gaps in banks’ online and mobile security.
It is highly expected that the mix of utilising security technologies along with easy access to the global banking services will be the main mix for attracting customers in the near future.
