65% of US Banks Failure In Online Security Test By OTA in 2017

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65% of US banks fail in security tests under the Online Trust Alliance Trust Online by 2017.

Although this online banking site should have the best security, this  research has shown a major failure for the top 100 financial  institutions in the US.

OTA,  this research is conducted to improve online trust and efficiency for  online businesses by running audits for business sites. Included in 1,000 websites, 100 of which are financial institutions. The results show that only 27 out of 100 US banks get the 'Honor Roll'  status - meaning there are more than 80 percent who fail to pass the  security analysis.

This analysis includes three major aspects of security: site privacy, overall website security, and customer protection.

In contrast, in 2016 the results of the analysis showed 55 percent of  financial sites managed to achieve 'Honor Roll' status, which means that  this year's results are significantly lower than last year due to site  accidents and some data breaches that occurred this year.

About Credibility

Although the OTA has been one of the most credible websites for most  people when reviewing website security, the American Bankers Association  makes inquiries about the credibility of this research.

Senior Vice President of Payments and Security American Bankers  Association Doug Johnson told NBC News that the bank "really takes  privacy and security very seriously."
Need better online security

IBTimes reports that some banking sites are really messy, potentially pose a security risk to their consumers. For example, PNC Financial Services ranks highest in terms of the number of trackers installed.

The entire financial industry seems to lag behind when it comes to overall security. This raises a red flag for consumers whether to trust online services  with their sensitive information especially when it comes to financial  transactions?

The  new OTA analysis comes in a few weeks after a study by eBlocker company  learned that 10 leading financial institutions operating in the US have  third-party trackers on their sites - such setup can record large  amounts of information including personal Information typed into forms, and even account balances.

This alarming outcome for some of these financial institutions could  be the main reason why some consumers are turning to Blockchain  technology to get more secure deals.

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65% of US Banks Failure In Online Security Test By OTA in 2017