Resources for Federal Financial Institutions Examination Council (FFIEC)

Master Data Management Demystified

www.sda-india.com

Internet financial transactions have grown at a tremendous pace with the popularity of online shopping on the rise in Asia. Korea is Asia's leader in online shopping; e-commerce transaction there grew 37% in 2005. Online shopping volumes in Philippines and China doubled last year. As the growth in adoption of Internet financial transactions continue, so too does the risk for financial institutions and their customers.

Countries in the Asia Pacific, like Australia, Hong Kong and Singapore have either legislated or are looking into legislating dual or multifactor authentication requirements for online transactions. Further from home, the United States Federal Financial Institutions Examination Council (FFIEC) has issued updated guidance on the risk management controls necessary to authenticate the identity of customers accessing Internet-based financial services in October 2005, put in place to address a significant increase in identity theft and fraud, improved authentication technologies and other risk mitigation strategies available to financial institutions.

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