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Questionable value of security questions

www.thereporter.com

Have you noticed that the Web sites for your bank, securities broker and other financial businesses have begun to ask you for information that only you would know? If you haven't noticed, you will.
Typical questions are: What is the name of your first pet? What was the name of the high school you attended? What is your favorite movie? They vary, but they draw from a rather limited set of questions that only you would know the answers to and that you can remember easily.

Why would this suddenly start happening widely? Banks and other financial institutions are regulated by a government entity called the Federal Financial Institutions Examination Council, or FFIEC for short. The FFIEC has regulatory power to "prescribe uniform principles, standards and report forms for the federal examination of financial institutions" and "to make recommendations to promote uniformity in the supervision of financial institutions." The FFIEC issues guidance for authentication in an Internet Banking Environment.

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