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

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

Product Type: Market Research Report
Published by: TowerGroup
Published: August 2006
Product Code: R301-1170

Description

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.

Table of Contents

TowerGroup Take-Aways
Report Coverage
Background
TowerGroup's Message to Banks
TowerGroup's Message to the Regulators
TowerGroup Commentary on the FAQs: Exhibit 1 Federal Financial Institutions Examination Council (FFIEC) Guidance on Authentication (2006)
Choice to Opt Out.
Use of a Second Password.
Beyond Internet Banking.
Alternative Methods.
Telephone Banking.
Multiple Possible Approaches.
Compliance Deadline Implications.
Risk Assessment.
Summary

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