Focus on FFIEC Guidance

As financial institutions prepare to meet FFIEC Guidance FIL-103-2005 calling for stronger authentication of online transactions, Authentify continually emerges as the best way to make sure you know who is behind an online banking transaction. Authentify's out-of-band, multi-factor method of authentication engages the user, their telephone and their computer in a synbchronized exchange establishing undeniable contact with the person involved in a transaction.

Guidance Highlights:

• Financial institutions offering Internet-based products and services should use effective methods to authenticate the identity of customers using those products and services.
  
• Single-factor authentication methodologies may not provide sufficient protection for Internet-based financial services.
  
• The FFIEC agencies consider single-factor authentication, when used as the only control mechanism, to be inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties.
  
• Risk assessments should provide the basis for determining an effective authentication strategy according to the risks associated with the various products and services available to on-line customers.
  
• Customer awareness and education should continue to be emphasized because they are effective deterrents to the on-line theft of assets and sensitive information.
  
  source: fdic.gov

Authentify offers an easy-to-integrate authentication web service making out-of-band, multi-factor authentication possible without the need for additional software, training or devices for your end users.

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