Resources for Federal Financial Institutions Examination Council (FFIEC)

Banks Lag in Strong Authentication

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Chances are, your bank probably didn't make the deadline: Only about half of U.S. banks got their multi-factor authentication (MFA) deployments off the ground by last year, according to a new study, and the rest won't be operational until late next year.

The banks are attempting to come into compliance with the Federal Financial Institutions Examination Council (FFIEC)'s regulations that require them to provide customers with multiple layers of authentication. Today, 50 percent have operational MFA for retail online banking and 40 percent have it for small business banking, but those numbers will jump to 90 percent by year's end, Celent's report says. About 60 percent have MFA for corporate banking today, and that figure will increase to 95 percent by the end of the year, according to the report.

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