Authentication Needs to Be 'Strong'

Bank Technology News, September, 2006 by Roger Sullivan

It has become alarmingly clear: e-commerce will not thrive on usernames and passwords alone. Identity theft and online fraud are forcing financial institutions, governments and other organizations to quickly find ways to improve Internet security. In October 2005, the Federal Financial Institutions Examination Council (FFIEC) issued updated guidance on the risk management controls necessary to authenticate the identity of customers accessing Internet-based financial services-strongly recommending that banks comply with the guidelines by the end of 2006.

This development, along with growing consumer concern, has heightened urgency around the adoption of strong authentication. Strong authentication, as it's most often called, requires at least two forms of identity...

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