73 Percent Share Online Banking Password with Non-Financial Applications; 47 Percent Repurpose Both their Online Banking User ID and Password
NEW YORK--(BUSINESS WIRE)--Trusteer, the customer protection company for online businesses, reported today that the vast majority of online banking customers reuse their login credentials to access non-financial and much less secure websites. Trusteer found that 73 percent of bank customers use their online account password to access other websites, and that 47 percent use both their online banking user ID and password to login elsewhere on the Internet. These findings are based on a sample of more than 4 million users of the Rapport browser security service, many of whom are customers of leading North American and European banks.
This widespread reuse of online banking credentials is being exploited by criminals who have devised various methods to harvest login credentials from less secure sources, such as webmail and social network websites. Once acquired, these usernames and passwords are tested on financial services sites to commit fraud.
Trusteer based its research on data collected over a 12 month period from millions of Rapport users in North America and Europe. Rapport protects online banking credentials, recognizes when users attempt to submit them to other websites, and warns them not to do so. The report’s key findings include:
- 73% of users share the passwords which they use for online banking, with at least one nonfinancial website
- 47% of users share both their user ID and password with at least one nonfinancial website
- When a bank allows users to choose their own user ID, 65% of users share this ID with nonfinancial websites
- When a bank chooses the user ID for its customers, 42% use the bank issued user ID with at least one other website
The full report is available at http://www.trusteer.com/sites/default/files/cross-logins-advisory.pdf
“Using stolen credentials remains the easiest way for criminals to bypass the security measures implemented by banks to protect their online applications, so we wanted to see how often users repurpose their financial service usernames and passwords,” said Amit Klein, CTO of Trusteer and head of the company’s research organization. “Our findings were very surprising, and reveal that consumers are not aware, or are choosing to ignore, the security implications of reusing their banking credentials on multiple websites.”
“Being named Innovator of the Year by SC Magazine and having a new category created for our product is an honor and serves as powerful, independent market validation for our approach to securing browser communication and transactions,” said Mickey Boodaei, CEO of Trusteer. “It was gratifying that SC magazine recognized Trusteer for both technical and business innovation. Getting Rapport installed on over three million machines in less than one a year required a creative approach to distribution and almost transparent installation for end-users. It has paid off, Rapport is currently being offered as a free download by more than 50 banks and financial institutions in North America and Europe.”
Recommendations
For consumers:
- Maintain at least three sets of credentials: the first set to be used only with financial websites; the second set to be used with nonfinancial sensitive websites that hold information about your identity; the third set to be used with non-sensitive websites that do not maintain confidential information about the user. Memorizing three sets of credentials is not difficult, yet significantly improves a user’s level of security.
For financial institutions:
- Identify customers who use their bank login information on nonfinancial websites and:
- Educate them to avoid this risk
- Set your risk engine to higher sensitivity for these customers
About Rapport
Rapport from Trusteer is a lightweight browser plug-in plus security service that prevents criminals from tampering with a user’s browser and protects against man-in-the-browser, man-in-the-middle, and phishing attacks. When users browse to sensitive websites such as internet banking, Webmail, or online payment pages, the Rapport plug-in immediately locks down the browser and prevents any unauthorized access to web pages and confidential information that flow through the browser. Trusteer also offers in-the-cloud reporting services. When unauthorized access attempts are detected by Rapport, these are analyzed by fraud experts who provide actionable intelligence to financial institutions.
About Trusteer
Trusteer enables online businesses to secure communications with their customers over the Internet and protect personally identifiable information (PII) from a user's keyboard into the company's Web site. Trusteer's flagship product personally identifiable information, Rapport, allows online banks, brokerages, healthcare providers, and retailers to protect their customers from identity theft and financial fraud. Unlike conventional approaches to Web security, Rapport protects users' (PII) even if their computer is infected with malware including Trojans and keyloggers, or is victimized by pharming or phishing attacks. Trusteer is a privately held corporation led by former executives from Cyota/RSA Security, Imperva, and NetScreen/Juniper. For more information visit www.trusteer.com.