Security and Usability of Authenticating Process of Online Banking: User Experience Study

Bank websites are secure websites considered high risk, so security is a prime concern. Authentication is extremely important because it serves as the entry point for customers to access their personal and sensitive information. To be considered effective and desirable, a banking website should provide its users with secure and usable authentication mechanisms. Otherwise, the authentication process likely will become unsafe and frustrating for users. This issue in turn compromises the bank's objective to make online transactions convenient for its users. Focusing on this dilemma, this paper sought to examine the security and usability of single and multifactor authentication methods, which are used by most banks to strengthen the security process. However, the security and usability of multifactor authentication have not been closely investigated from the user's perspective. In a survey of 302 e-banking customers who owned at least two international bank accounts, multifactor authentication methods were perceived as secure and trustworthy, with a high rate of usability. Token-based authentication was perceived as more usable than SMS-based authentication, during which a SMS is sent via mobile means.