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fdic-starts-push-for-two-factor-authentication

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The FDIC held a symposium in LA where they released a supplement to their study "Putting an End to Account-Hijacking Theft." According the ABA eAlert, there is a strong push for two-factor authentication:

The information security risk assessment that financial institutions are currently required to perform should include an analysis to determine (a) whether the institution needs to implement more secure customer authentication methods, and, if it does, (b) what method or methods make most sense in view of the nature of the institution's business and customer base.

If an institution offers retail customers remote access to Internet banking or any similar product that allows access to sensitive customer information, the institution has a responsibility to secure that delivery channel. More specifically, the widespread use of user ID and password for remote authentication should be supplemented with a reliable form of multifactor authentication or other layers security so that the security and confidentiality of customer accounts and sensitive customer information are adequately protected.

Placing the responsibility on the financial institutions to secure the channel is the right way to go. Further, two-factor authentication -for both sesssions and transactions - is clearly the best way to increase the security of the online banking channel.

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