Internet security experts say that a popular security measure being implemented by many U.S. banks does little to defend online bank accounts from attacks from fraud artists, The New York Times reported.

The study, which was produced by researchers at Harvard University and the Massachusetts Institute of Technology, evaluated the effectiveness of a technology called on-site authentication images, which asks bank customers to select an image to be displayed each time they log into their account. The idea is that customers will be able to tell if they are at a fraudulent Web site if they do not see the image. The researchers observed 60 people who were asked to conduct routine online banking. Of the group, 58 entered their passwords despite not seeing their images. Only two participants chose not to log on because of security concerns.

In 2005, the Federal Financial Institutions Examination Council ordered financial institutions to find better ways for banks and customers to identify each other online. The compliance date was January 2007. Bank of America, ING Direct and Vanguard are among the banks that have incorporated the on-site authentication images.