Poll: Bank customers prefer multifactor authentication for account access

A majority of retail banking customers want to authenticate their identities each time they access their bank accounts, and many said the same for sending and receiving money to and from family and friends, according to a new survey by PYMNTS.com.

The survey polled bank customers on their views on multifactor authentication, or MFA, for payments and account access. Eighty-three percent of respondents said they want MFA for riskier transactions, such as accessing a bank account from an unknown device, changing personal information in a bank account and spending or sending large sums of money electronically. Sixty-two percent wanted MFA for routine transactions such as accessing a bank account from any device or transferring money to family and friends. More than half said they prefer MFA for low-risk transactions such as paying bills, rent or loans.

Smartphones were the preferred device for conducting financial transactions for all age groups except baby boomers and seniors, who preferred desktop or laptop computers. Fifty-seven percent of respondents believe smartphones and computers are equally secure for sending and receiving money, and 56% said the same for accessing bank accounts.