Digital Account Opening Security Survey

Section One: Baseline Authentication Questions

17% of survey complete.

Question Title

* How do you rate the security of your banking institution’s digital account opening application process today, as compared to what you know about peer institutions?

A – We do a superior job onboarding and verifying digital identities

B – We are above average

C – We are average

D – We are below average

Question Title

* How would you describe your customers’ experience during the digital account opening process?

Frictionless; we offer a 100% digital account opening process

Customers start the process online, but then must come into a physical branch to verify identity

We currently offer no ability to open accounts via online or mobile

100% manual, paper-based account opening process

Question Title

* What types of fraud has your institution experienced during the past year as a direct result of a customer’s ability to digitally open a new account? (select all that apply)

Application fraud

Synthetic identities

Identity theft

Account takeover of an existing customer account

Other (please specify)

Question Title

* How often does your institution experience these types of fraud?

0% - 5% of the time when an account is opened

6% – 25% of the time when an account is opened

26% – 50% of the time when an account is opened

51% – 75% of the time when an account is opened

75% – 100% of the time when an account is opened

Question Title

* What do you see as the biggest obstacles to improving how your institution secures the digital account opening process? (select all that apply)

Tradition – Our systems are tied to traditional, manual identity verification processes.

Technology – Knowledge-based authentication tools we have are cumbersome and add friction to the onboarding process.

Threats – Because of the success of high-profile breaches and socially-engineered schemes, threat actors now have too many legitimate credentials to use in attempting to initiate customers’ accounts.

Budget – In our current business environment, offering the ability to open a digital account is not a priority project to be assigned funding and resources.

Question Title

* What is your single biggest driver to improve security of the digital account opening process in 2020?

To improve the customer experience and acquire new customers

To drive top line revenue growth with a simplified customer experience

To combat increases in fraud incidents and related exposure

To comply with new or enhanced regulations such as PSD2, GDPR and legislation similar to the New York Department of Financial Services cyber regulation.

To simplify and streamline identity verification technologies we currently deploy

To improve our overall security posture

Other (please specify)