According to the latest research by Thales UK , the need to address user authentication limitations is becoming a top priority for UK banks. In a survey of security budget holders and influencers of UK banks by payment security expert Thales, 81 per cent of UK banks believe that there is an important need to reduce the complexity caused by having multiple authentication processes for different applications and services.

By investigating the payment transaction security behaviour of UK banks, the survey showed that the proliferation of modern banking channels has complicated the technology infrastructure. The survey identified that technology is changing the way in which banks run their businesses. Developments in technology have enabled the e-commerce boom and provided customers with many new ways of banking. But these advances have resulted in increasingly complex transaction infrastructures that are becoming unmanageable. Indeed, some banks have over 30 different authentication infrastructures to manage.

The survey clearly shows that the banking industry expects the trend of developing new banking channels to continue, as 91 per cent of respondents said that the ability to have a flexible authentication platform that can be adapted to deal with new technologies over time is either important, or very important. This finding was further backed up by the view of 82 per cent of respondents who believe that the ability to manage all customer identities from a single platform is either valuable or very valuable.

Paul Meadowcroft, head of transaction security of Thales’ e-Security activities, said: “New transaction technologies and channels have made banking a more convenient and enjoyable experience for consumers. However, UK banks have taken an ad hoc approach to security to keep pace with these advances and the resulting proliferation of transaction authentication infrastructure is becoming unmanageable. The task now is to simplify the problem before complexity leads to mismanagement, gross inefficiencies and losses due to fraud.”

For further information or a white paper detailing the results of the survey , please contact Sharon Brennan on +44 (0) 20 7608 4628 or sharon.brennan@hotwirepr.com.

This survey was conducted on behalf of Thales UK by independent business market research specialist Vanson Bourne.

About Thales
Thales is a leading international electronics and systems group, serving defence, aerospace, security and services markets worldwide. The Group employs 60,000 people throughout the world and generated revenues of 10.3 billion euros in 2005. Thales UK employs 10,000 people and generated revenues of over £1 billion in 2005.

Operating in three main markets covering e-security, card payment and network security, Thales’ e-security activities address the business, government and finance industries’ need for cryptographic security products and solutions. Over half of the world’s banks, together with the majority of the busiest exchanges, currently use Thales technology. For more than 20 years the company has been at the forefront of security and payment technology, co-operating and contributing to set the industry standards used for financial transactions and e-commerce globally. Thales’ e-security business offers a wide range of security solutions to protect Government and Defence critical information infrastructures, thereby positioning the company as a leading worldwide supplier of certified network security products.

Press Contact:
Sharon Brennan
Hotwire
+44 (0) 20 7608 4628
sharon.brennan@hotwirepr.com

Sarah Milligan
Thales e-Security
+44 (0)1844 204181
sarah.milligan@thales-esecurity.com