White Papers for Federal Financial Institutions Examination Council (FFIEC)

FFIEC Compliance: The CA Solution

CA

In October of 2005, the Federal Financial Institutions Examination Council (FFIEC) issued a guidance entitled
“Authentication in an Internet Banking Environment”1 This paper followed a similar paper issued by the Federal Deposit Insurance Corporation (FDIC) in late 2004, in which the recommendation was made that member banks evolve their single-factor authentication model for online banking to 2-factor authentication.
The goal of the FFIEC guidance was to improve security for online banking transactions. This effort was prompted by the consensus view that simple username/password authentication was not sufficient for today’s online banking environment. Recent increases in the amount of such banking, coupled with the increasing size (in total value) of many transactions, have created unacceptable risks to online banking customers. In addition, the increased threats to these transactions in the form of phishing attacks, viruses, keyloggers, etc., have made stronger authentication an important requirement now and in the future.

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