The Regulators Clarify the Online Authentication Guidance: They Weren't Kidding!

Published Date: August 2006

Published By: TowerGroup

Page Count: 6

Order Code: R301-1170

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The financial services industry received further guidance from regulators in August 2006 on the topic of authentication in electronic banking. The issuance of an FAQ document, 10 months after publication of the original Federal Financial Institutions Examination Council (FFIEC) guidance, indicates that the guidance lacked sufficient clarity for the industry to take appropriate actions. The choice of questions in the FAQ confirms TowerGroup's view that many banks have delayed implementing beefed-up security by year-end 2006. The regulators are holding firm on both the original deadline and the requirement to provide more than just usernames and passwords for high-risk activities.

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