Building security and trust in online banking

Growing threats to online banking security (e.g. phishing, personal identify fraud) and the personal nature of the data make the balance between security, trust and usability vital. However, there is little published research about what influences users' perceptions of online banking security and trust. This study identifies that the type of authentication system used can affect users' subsequent perceived control, situational awareness and trust. The results from a questionnaire and in-depth interviews with 86 participants were triangulated to compare two different authentication processes, namely, a 'security box' (i.e. random system generated passwords at the users' location) and 'fixed passwords' (i.e. user owned and constant). The security box and login procedures were perceived significantly more trustworthy and secure at any location than 'fixed passwords'. Four main concepts were identified: "trust" "the authentication system", "location" and "control". The implications of these findings for HCI are discussed