The use of extended validation SSL certificates hasn’t gotten much attention since they became widely visible in January, but Michigan-based Flagstar Bank says its online banking enrollments increased 10 percent since it implemented the technology.
The EV SSL certificates produce a green address bar that lets online banking customers know they’re at the legitimate bank site and not a phishing site. EV only possible with the release of Internet Explorer 7 and IE 8 from Microsoft and Firefox 3 browsers, and can’t be viewed on older or other browsers. However, VeriSign’s Tim Callan estimates that 60 percent of browsers in use are able to utilize EV technology.
VeriSign says more than 1,200 financial institutions have adopted the EV SSL certificates worldwide; and though likely the largest distributor, VeriSign has competition in the market. Analysts estimate less than 30 percent of global banks utilize the technology.