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Singapore and Bangalore/India. September 21, 2011.
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ReadiMinds is pleased to announce the results of its survey titled "State of Online Security in Financial Institutions-2010-11".
In this third year of survey, ReadiMinds decided to take a single global view, as opposed to surveying individual geographies as in the past. After all, online financial crimes are borderless!
Given the highly dynamic nature of online security industry, in this year 2010-11 version of our survey, ReadiMinds decided to conduct one-point surveys at regular intervals, covering the most topical subject then, as opposed to taking a snap-shot approach once a year. We felt this process would yield better insight about the state of evolving online security in financial institutions.
This year ReadiMinds has also involved wider and bigger global community of online security experts and senior executives from the financial industry.
And indeed, it has been an interesting outcome.
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1. What is the future of Online Security Solutions in the Financial Industry?
a. Dead-end point security solutions [votes: 20%]
b. Enterprise Financial Crime Management [votes: 80%]
2. What kind of Enterprise Fraud Management System would you prefer for Banking Industry?
a. Datawarehouse based fraud "detection" system [votes: 12%]
b. Real-time fraud "prevention" system [votes: 88%]
3. Online Banking: What would you prefer for identity protection as on today?
a. Single-layer two-factor authentication [votes: 31%]
b. Multi-factor layered authentication [votes: 69%]
[Please note that this point survey was conducted before FFIEC guidelines were announced in USA on June 28, 2011. FFIEC now mandates the use of multi-factor layered authentication for internet banking - exactly what the survey showed!]
4. Payment card frauds: What kind of system would you prefer moving forward?
a. Traditional post-facto fraud detection system [votes: 0%]
b. Real-time fraud prevention system [votes: 100%]
5. Online Fraud Management System:What kind of real-time transaction monitoring system would you prefer?
a. Single channel fraud prevention system [votes: 7%]
b. Cross-channel fraud prevention system [votes: 93%]
6. Financial Crime Management: As a financial institution, what strategy would you adopt moving forward?
a. Continue to opt for "point" security solutions [votes: 8%]
b. Opt for Financial Crime Management "Platform" [votes: 92%]
7. Payment card frauds: As an issuer/acquirer financial institution, what strategy would you like to adopt moving forward?
a. Continue with fraud "detection" approach [votes: 22%]
b. Opt for cross-channel fraud "prevention" approach [votes: 78%]
8. New FFIEC USA Authentication Guidelines: What would you/banks opt?
a. Multi-factor authentication alone [votes: 8%]
b.Multi-factor authentication and Cross-Channel Fraud Prevention [votes: 92%]
9. What is your preference for online banking or payment cards fraud mitigation system?
a. Single-channel fraud prevention system [votes: 9%]
b. Cross-channel fraud prevention system [votes: 91%]
------End of survey results-----
About ReadiMinds:
ReadiMinds, recognized as the Top 100 "Most Promising" Global Companies - is a multi-award winning, emerging leader in financial crime, security, risk & compliance management software. Its ReadiONE software platform provides multi-factor layered authentication; cross-channel online banking fraud prevention; real-time cross-channel payment cards fraud prevention; enterprise fraud management; and AML 2.0 plug-in solutions - all on the same software platform. ReadiMinds serves financial industry.
ReadiMinds' ReadiONE: Financial Crime Management Software Platform is the result of over 7.5 years of R&D. It delivers industry leading low-latency record performance, which is certified on both Sun/Oracle and IBM Platforms.
ReadiMinds, in January 2009, won the Red Herring Top 100 Global Company Award. ReadiMinds is also proud to be included and extensively covered in a book titled "Innovative Singapore Companies" [Publisher: IE, Singapore]. ReadiMinds has also received "CRN Test Centre Recommended" rating.
In addition to marketing ReadiONE Software Suite, ReadiMinds also selectively provides the product modules for white labelling/OEM.
ReadiMinds serves its clientele from strategically located offices and business partners.
For sales, alliance and other enquiries, ReadiMinds can be contacted at: Contact@ReadiMinds.com
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