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Greetings!
As most of you know, each year we conduct series of surveys titled "State of Online Security in Financial Institutions", individually covering various geographies, namely Asia, India, Middle East etc. In 2010-11 however, we decided to do it differently.
Given the highly dynamic nature of online security industry, in this third year of our survey, we decided to instead conduct one-point surveys at regular intervals, covering the most topical subject then. We felt this process and such surveys may yield better insight about the state of evolving online security in financial institutions.
Online financial crimes are borderless. So, this time around we also decided to take a single global approach - and involve wider and bigger global community of online security experts and senior executives from the financial industry.
And indeed, it has been an interesting outcome. Please see for yourself below. As you would also notice, we have already used these survey results to write some of our this year's newsletters.
Here is the outcome of these regularly conducted individual one-point topical surveys:
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%]
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%]
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 survey was done 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!
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%]
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%]
What is the key lesson from RSA/EMC and resulting Lockheed Martin Attacks?
a. Opt replacement tokens from RSA/EMC [votes: 15%]
b. Opt alternative single-layer 2FA [votes: 6%]
c. Opt multi-factor layered authentication [votes: 79%]
FFIEC guidelines were announced while this one month long survey was still ongoing! Again this survey showed the sophistication of participants - and pointed to exactly what FFIEC now mandates.
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%]
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%]
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%]
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%]
If you want to participate or know the results of ongoing surveys as they happen, please join our ever increasing group on LinkedIN, by clicking on the LinkedIN logo  .
>> ReadiMinds' ReadiONE: Financial Crime, Transaction Security, Risk & Compliance Management Software Platform is known for its game-changing approach. It provides multi-factor layered authentication; cross-channel online banking fraud prevention; real-time payment cards fraud prevention; AML 2.0 etc solutions - in form of plug-ins - all on the same platform.
Why wait? Ask for more information and POC of ReadiONE right now!
Please get in touch with us at Contact@ReadiMinds.com
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. It provides ReadiONE single-integrated platform for multi-factor layered authentication;
cross-channel online banking fraud prevention; real-time cross-channel payment cards fraud prevention; transaction monitoring for enterprise fraud & compliance management; AML 2.0, etc. solutions for the financial industry.
Our ReadiONE: Right-Time Response System is the result of over 7.5 years of R&D, and is targeted for emerging new class of low-latency applications, requiring "Right-Time Response" to Mitigate Losses and Maximize Opportunities.
ReadiONE delivers industry leading low-latency record performance, which is certified on both Sun and IBM Platforms.
Our other product
ReadiSCORE is designed for "predictive" scoring for credit risk management.
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 & ReadiSCORE, we also selectively provide our product modules for white labelling/OEM.
We serve our clientele from strategically located offices and business partners.
For sales, alliance and advisory services enquiries, ReadiMinds can be contacted at: Contact@ReadiMinds.com
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