There is new momentum for online and mobile channels right now but security needs to remain paramount
For the financial services sector, the coronavirus crisis is helping to escalate digital transformation with customers turning to online and mobile channels rather than face-to-face visits.
But a new survey from FICO, best known for its credit scores, shows a concerning level of risky behaviour among Canadian consumers when using digital financial solutions.
These include using the same password across multiple financial accounts – only 37% use separate ones – and only 16% of respondents saying that they use a password manager with 24% opting to write passwords in a notebook.
"Cyber criminals are taking advantage of COVID-19 to target Canadians with phishing and social engineering scams," said Kevin Deveau, vice president and managing director of FICO Canada. "With many consumers vulnerable during this time, it's critical to remain vigilant against such scams and take the right precautions when accessing financial services online."
Alternative security
With passwords a frequent source of frustration in most of our lives, many respondents expressed interest in alternative forms of security when accessing financial accounts.
These include physical biometrics such as fingerprints and behavioural biometrics such as typing speed.
Canadian consumers are trusting of their financial institutions with 72% saying they would be happy for them to analyze their behaviour to provide new ways to access accounts.
Additionally, 64% are happy to provide their banks with biometric information; and almost half (43 percent) expect to set up biometric security features such as finger print scan, when opening an account.
When accessing accounts on mobile devices, most respondents said they are happy to use alternative security to usernames and passwords.
These include:
- One-time passcode via SMS (62%)
- One-time passcode via email (58%)
- Fingerprint scan (45%)
- Facial scan (23%)
- One-time passcode spoken to your mobile phone (10%)
"While Canadians are more comfortable with online banking and are open to security innovations, these are unprecedented times. With more Canadians banking online and through their mobile devices than ever, it's a critical time to evaluate how we protect ourselves and our financial information," said Deveau. "The latest security tools and biometrics are a good place for Canadians to start improving their authentication habits. More importantly, remember to keep information security top of mind to help combat scammers now and in the future."
