FFIEC tells banks to make transactions more secure with two-factor authentication
Federal guidelines not mandatory, but highly recommended for financial houses that want to stay in their examiners’ good graces
Expect to see more U.S.-based financial institutions shelling out big bucks to revamp static security systems. New guidelines put out last month by the Federal Financial Institutions Examination Council (FFIEC) call for banks to incorporate new, secondary secure-ID technology by the end of 2006. The reason, says an FFIEC spokesman, is to better ensure the security of customers’ financial data.
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