Business Services Industry

Online banking users are misinformed regarding security - report

Internet Business News, Sept 13, 2006

GuardID Systems, a provider of anti-phishing and pharming solutions, announced on Tuesday (12 September) the results of a survey on online banking security.

According to the results of the survey, 44% of the respondents believe that their up-to-date anti-virus and anti-spyware software protects against phishing attacks. The findings indicate that while consumers understand the risks from phishing attacks, they mistakenly believe that anti-spyware and anti-virus software will protect them, said the CEO of GuardID Systems.

In addition, 55% of the consumers polled believed that their financial institutions were not doing enough to protect them from online fraud and over 75% of the respondents said they were willing to pay for an inexpensive product that could protect them from online fraud and identity theft, including phishing and pharming. GuardID's ID Vault is a USB smart card device that allows consumers to store their usernames and passwords on a portable smart card, and access them with a single PIN. The solution solves the password problem and provides users with an anti-pharming/anti-phishing solution, the company claims. Pricing is USD49.95.

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