(PRWEB) October 02, 2011
Easy Solutions, the lead company specialized in electronic fraud prevention and detection, presented the results of the study “Views of the Latin American Consumers on Electronic Fraud 2011”at the last Cl@b Congress of the Federation of Latin American Banks (FELABAN for its Spanish acronym). The study includes significant findings and trends for the financial institutions and providers of electronic services of the region.
Users of all Latin America, the Caribbean and Brazil were interviewed about their experiences and opinions on electronic services such as online banking, mobile banking, electronic payment terminals, ATMs and IVRs.
The results show that electronic fraud is the main inhibiting factor for the use of online banking and Internet purchases. However, Internet is the favorite channel of those users who usually make transactions online. Users have also decreased their use of the bank offices.
The electronic payment terminals gained users during the last year as a response to the need for greater convenience. Although the user base of the mobile banking is still limited, it shows a significant frequency of use.
The awareness of electronic threats is greater today than in 2010, even though there is still a high number of users who are not familiar with threats such as Phishing, Pharming, and Malware, and do not have protection against them. Stronger authentication methods different to the second password have a low usage level.
The previous finding is particularly concerning, taking into account that the users of Internet transactions are the main victims of identity theft, phishing and card cloning.
The level of commitment of the users with their own security has increased. Nevertheless, the Latin Americans in general see their banks as the main responsible party for the security of electronic transactions. The users expect their banks to have safer authentication methods as well as transaction monitoring to detect suspicious actions.
“The recommendation for the banks is to provide users with stronger security methods along with education”, says Ricardo Villadiego, Regional Director for the Americas of Easy Solutions.
“The study shows that users expect and are willing to use additional security measures offered by their banks, and that it is possible to generate more trust in the electronic channels with new technological tools and educational campaigns. This will translate into greater usage of the alternative channels to the offices, lower economic losses due to fraud, and a better image of the financial institutions before their clients”, states Ricardo Villadiego.
30% of the contacted people do not use Internet as a transactional channel for transactions or purchases. The main reason is the fear of electronic fraud.
Most of those who do use Internet are also concerned about electronic threats.
Despite this concern, the users of online transactions do not abandon Internet and use it more frequently. They have increased their personal protection measures and their trust in stronger authentication methods.
For online banking users, online is their favorite channel to make transactions, while their use and preference for bank offices have decreased.
For the users, the main responsible party for the electronic security is the bank. This perception grew during the last year.
Users expect their banks to have stronger authentication and transaction monitoring.
Although there is greater awareness and use of new authentication factors, the use of methods other than the second password is less than 50%.
Even though the use of passwords sent by text message and security image grew, these are the least trusted methods among the users.
In spite of the high willingness to use new security methods, many users are not willing to pay to access these services.
Internet users have taken more personal protection security measures against fraud.
The awareness of security threats in general grew, but between 20% and 50% of online users are still unaware of most of the threats.
One third of those aware of Pharming, Phishing and Keyloggers do not have protection against these threats.
30% of users do not know about the educational campaigns against fraud by their banks.
To download the White Paper about this study for free, go to http://www.easysol.net/newweb/Industry-News/Research-Report or email info(at)easysol(dot)net.
ABOUT EASY SOLUTIONS:
Established in 2002 with headquarters in Sunrise, Florida, Easy Solutions in the only security provider focused exclusively on fraud prevention. Easy Solutions provides anti-Phishing and anti-Pharming services and research, multi-factor authentication and anomaly transaction detection.
Easy Solutions delivers a comprehensive and proactive approach to fraud prevention and works in alliance with industry leaders in other security disciplines supporting a wide range of heterogeneous platforms.
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