FFIEC FAQs create more questions for banks considering multifactor authentication
Banks, service providers confused by organization’s attempt to clear up confusion
Should a small, mom-and-pop bank start issuing one-time-password tokens? What are the penalties if it doesn’t? And will the bank’s beefed-up security system get the thumbs up when the bank auditor rolls around in January for a regular inspection? These are the types of questions many hoped to find answered in the newly released “Frequently Asked Questions (FAQ) on FFIEC Guidance on Authentication in an Internet Banking Environment” document issued by the Federal Financial Institutions Examination Council (FFIEC). For most, however, the document left more unanswered than answered questions.
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