London, UK - 20 February 2004, 16:30 GMT - As the number of identity theft - "Phishing" - scams targeting major banks in Europe, North America and Australasia cross 110 unique incidents in less than a year, the mi2g Intelligence Unit predicts greater regulation from central banks and financial services authorities by 2005 that will restrict or outlaw password-only authentication techniques for online banking on the basis of "unsafe practices". The next generation of electronic banking may have to rely on deeper layers of authentication that couple passwords with biometric security and smart card authentication.

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