Resources for Federal Financial Institutions Examination Council (FFIEC)

Two-Factor Authentication, Get Used to It

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Identity theft, phishing, and online financial fraud are increasingly becoming compelling drivers for deploying strong authentication for consumer and business applications. As financial institutions and e-commerce sites launch new initiatives to shore up consumer confidence in their brands, online banking concerns and even government agencies have begun to recommend identity protection guidelines.

For example, the recent guidance on Authentication in an Internet Banking Environment (FFIEC-AUTH) issued by the Federal Financial Institutions Examination Council (FFIEC), recommends that financial institutions offering Internet-based products and services to their customers should use effective methods to authenticate the identity of customers using those products and services. Specifically, FFIEC-AUTH considers single-factor authentication as the only control mechanism to be inadequate in the case of high-risk transactions involving access to customer information or the movement of funds to other parties.

But how can strong authentication be achieved? To date, organizations have deployed solutions that, at best, only work within their own organizations and business partners.

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