The long overdue update to the FFIEC Guidance on Authentication in an Internet Banking Environment is now officially in effect, setting a new standard for online banking security. Since its previous update in 2005, the online banking threat landscape has changed dramatically, creating a significant gap between the FFIEC recommendations and those security measures that are actually effective in mitigating online banking fraud. As a result, financial institutions and their customers have been at risk and fraud rates have spiked.
This comprehensive whitepaper:
- Provides an overview of the updated Guidance
- Outlines the threat landscape which helped define it
- Examines why the security measures specified in the 2005 Guidance are no longer effective
- Explains how methods like out-of-band authentication with transaction verification are key to protecting online banking today