Transcription of Authentication in an Internet Banking Environment
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Authentication in an Internet Banking Environment
Federal Financial Institutions Examination Council 3501 Fairfax Drive Room 3086 Arlington, VA 22226-3550 (703) 516-5588 FAX (703) 516-5487 Authentication in an Internet Banking Environment Purpose On August 8, 2001, the FFIEC agencies1 (agencies) issued guidance entitled Authentication in an Electronic Banking Environment (2001 Guidance). The 2001 Guidance focused on risk management controls necessary to authenticate the identity of retail and commercial customers accessing Internet -based financial services. Since 2001, there have been significant legal and technological changes with respect to the protection of customer information;2 increasing incidents of fraud, including identity theft; and the introduction of improved Authentication technologies.
3 Existing authentication methodologies involve three basic “factors”: • Something the user knows (e.g., password, PIN); • Something the user has (e.g., ATM card, smart card); and • Something the user is (e.g., biometric characteristic, such as a fingerprint). Authentication methods that depend on more than one factor are more difficult to compromise
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