Much of that adoption stemmed from the stronger consumer concerns in Europe about security and privacy, she said. online broker to support two-factor authentication, companies in Europe have been doing so for several years, Litan said. But she noted that the company needs to make the security measure available to all customers "if they are really worried about fraud losses." To address that issue, companies will need to focus on identity assurance, usage assurance, service assurance and privacy assurance, the report said.ĮTrade's move gives "another way for them to retain their profitable, high-value customers," Litan said. And 20% of online consumers don't open e-mails that appear to be from their financial provider because of fraud concerns, Forrester reported.Īnother study, released last week by Forrester, warns that consumers could lose trust in the Internet as a channel for doing business as computer attacks on consumers and companies mount.
In a December 2004 poll by Cambridge, Mass.-based Forrester Research Inc., 26% of online consumers surveyed said e-mail fraud concerns had stopped them from applying for a financial product over the Internet. The company's move comes at a time when consumer concerns over identity theft and e-mail fraud appear to be increasing - especially in connection with online financial transactions.
Eventually, other customers will be able to buy the tokens from ETrade for a fee, although the exact amount has not yet been decided.ĮTrade is the first large financial services company in the U.S to offer two-factor authentication for online transactions, said Avivah Litan, an analyst at Stamford, Conn.-based Gartner Inc.
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Initially, ETrade will offer the authentication service as a free option only for customers who maintain accounts with the company that are worth more than $50,000, Levine said. "We felt that this is really something that our customers needed to make them feel comfortable about doing e-commerce," he said. ETrade's decision to support two-factor authentication addresses consumer fears about online identity theft and data loss, Levine said.
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