White Papers for Federal Financial Institutions Examination Council (FFIEC)

Online Banking Security:FFIEC Deployment Experiences

Entrust

Facing a looming deadline for compliance with the FFIEC guidelines for stronger online authentication, banks are racing to get ready. By most accounts, the 15 month allowance given for compliance with a December 31, 2006 deadline has placed unique pressure on the project management team that is usually comprised of business, marketing, technology, operations, security and compliance officers.
No one wants to risk causing a major disruption among customers during the holiday season, and a number of alternative projects are currently being put on hold to make sure the roll-out of stronger online security goes as smoothly as possible.
From August through September 2006, Aite Group targeted and surveyed a dozen financial institutions that have already selected their strong authentication and/or fraud detection vendors and have currently engaged in or completed their FFIEC projects, or were well down that path. These institutions include members of the
top 50 U.S Banks (determined by the number of checking accounts) and the top 10 retail brokers (determined by the number of online customers). The panel cumulatively represents 19.2 million active online banking and brokerage users. Participants in the phone survey were typically heads of e-business and project managers in charge of online security.

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