View Full Version : Online banking moving beyond the password

12-29-2005, 07:58 PM
The Federal Financial Institutions Examination Council (FFIEC), which consists of five federal agencies including the Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve, released a report in October stating that account fraud and identity theft often occurs due to the simple "password/ID" security mechanism customers use to access their accounts. Banks must conduct risk assessments of their online banking features and, if the password/ID feature is inadequate, institutions should strengthen ID verification, the report stated.

Federal regulators will examine a bank's risk assessment and determine whether its online security is sufficient. The deadline for meeting the requirement is the end of 2006. Banks that don’t comply may face civil monetary penalties or cease-and-desist orders.


A Wing Pilot
12-30-2005, 08:58 AM
I'd like to see usb type finger print scanners as a thrid layer on top of the username/passwords. Drivers could easily be made for Windows, liunx, and mac.