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No More Straw Houses: The Feds Issue Guidance on Online AuthenticationPublished by: TowerGroup Published: Dec. 5, 2005 - 7 Pages Table of Contents
AbstractOn October 12, 2005, the Federal Financial Institutions Examination Council (FFIEC) issued guidance entitled "Authentication in an Internet Banking Environment." Among other requirements, the 14-page guidance directs financial institutions to undertake risk assessments to determine ways to reliably authenticate customers who are attempting to access Internet-based services. Moreover, the guidance clearly states that single-factor authentication is inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties. As expected, the guidance covers a lot of ground and has created some confusion in the industry. This TowerGroup ViewPoint provides commentary, clarification, and insights for financial institutions that are required to comply with the guidelines by year-end 2006.Get Full Details About This Report >> |
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