OTA Report: Social Sites Beat Banks on Consumer Privacy

OTA_logoAccording to the Online Trust Alliance (OTA) – Banks are falling behind Social sites when it comes to online protections and privacy for their consumers.

It is somewhat hard to fathom, given how much effort banks have seemingly put into security technologies online for their customers to interact with their services.

My bank uses Secure Socket Layer (SSL) protection for online account interactions – and has implemented Multi-Factor Authentication (MFA) as well.  Multi Factor Authentication introduces secondary checks beyond a simple password for accessing online services.

There is a clear trade off between “convenience” and “security” when it comes to users online – and Banks have been dealing with this as long as anyone – with the transition to online services over the past decade.

So how is it then that Banks (and others) are behind Social Media sites in the area of consumer privacy and protection?

CIO Magazine recently reported on the OTA’s latest Online Trust Honor Roll – a comprehensive audit of key security and privacy practices for organizations providing services tousers online.

For the second year in a row, social media sites (including gaming and dating sites) are leading the way in consumer security and privacy protections, beating out Internet retailers an

d banks, according to an annual comprehensive audit by the Online Trust Alliance (OTA).

The story includes an interview and commentary on the latest with Craig Spiezle, president and executive director of OTA.  Be sure to check out the story and see what sites performed best on the industry accepted best practices which the OTA examines.

– Tom

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