Meet New FFIEC Requirements

The Federal Financial Institutions Examination Council (FFIEC) released a supplement (June 28, 2011) to their authentication in an Internet banking environment guidance which was previously issued in 2005.

According to the FFEIC, need for this update is due to the the growth and sophistication of attacks from hackers which have increased the risks for financial institutions and their customers resulting in substantial losses. The FFEIC is calling for increased, effective security for financial institutions to safeguard customer information, reduce fraud from identity theft, and promote the legal enforceability of financial institutions’ electronic agreements and transactions.

The purpose of this supplement was to reinforce the risk-management technology framework and to provide customer authentication via layered security (Multi-Factor Authentication: MFA) that should exceed controls applicable to routine business customer uses i.e. transaction verification or additional authentication prior to gaining access.

Biometric Signature ID Patented Solutions Exceed Requirements

BSI Exceeds Government MFA Requirements

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