FFIEC urges stronger security for Internet banking.

Position:Federal Financial Institutions Examination Council - Authentication in an internet banking environment - Brief article
 
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New guidance issued by the Federal Financial Institutions Examination Council (FFIEC) in the form of a report urges financial-services institutions to move beyond use of user name and password to authenticate the identity of online banking customers.

FFIEC said it issued its guidance, Authentication in an Internet Banking Environment, to reflect the many significant legal and technological changes with respect to the protection of customer information, increasing incidents of identity theft and fraud, and the introduction of improved authentication technologies and other risk-mitigation strategies.

The continued growth of Internet banking and other forms of electronic financial activities, including the advent of eMortgage processing, and the increased sophistication of security threats have resulted in higher risks for financial institutions and customers alike.

An effective authentication system, as well as a risk assessment, is necessary in order to ensure...

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