Resources for Health Insurance Portability and Accountability Act (HIPAA)

Hardware authentication will aid online banking transactions

www.secureidnews.com

Electronic fraud and identity theft are serious, sophisticated problems that have received a lot of media, governmental, and public attention the past several years. Consumers and their governments are demanding tougher identification technology in financial transactions to combat the risk of fraud.

ID technology is expensive, there are myriad options, and financial institutions, especially in the U.S., have for years taken the "wait and see" approach–waiting for clarifying regulations and for the emerging identity technology market to mature.

In the meantime, they have largely been covering consumer losses due to financial transaction fraud. However, spurred on by the FFIEC (Federal Financial Institutions Examination Council) ruling in the U.S. last year recommending strong authentication systems for online banking and by public clamor for tougher financial transaction security, banks are taking action to protect their customers.

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