Banks Need to Take FFIEC Mandate to Heart

Baker, David; Gaur, Nalneesh
December 2005
Bank Technology News;Dec2005, Vol. 18 Issue 12, p48
Trade Publication
The article reports that efforts have been made to enhance information security in response to the guidance of the Federal Financial Institutions Examination Council (FFIEC). The guidelines of the FFIEC were updated in response to increased threats from phishing, pharming and crimeware. It is to be noted that the FFIEC guidance does not consider ID and password alone as an adequate security measure for Internet-based banking. It is expected that institutions would achieve compliance by year-end 2006. It is suggested that banks should consider authentication solutions that provide coverage for all channels-online, phone, ATM and branch.


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