FFIEC FAQs Re: Internet Banking Authentication
The Federal Financial Institutions Examination Council (FFIEC) member agencies have released a frequently asked questions document (FAQs) to aid in the implementation of the interagency guidance on Authentication in an Internet Banking Environment (PDF) issued October 12, 2005.
"The authentication guidance, which applies to both retail and commercial customers, specifically addresses the need for risk-based assessment, customer awareness, and security measures to reliably authenticate customers remotely accessing their financial institutions’ Internet-based financial services. The FAQs are designed to assist financial institutions and their technology service providers in conforming to the guidance by providing information on the scope of the guidance, the timeframe for compliance, risk assessments, and other issues.Here's one of the more interesting questions and answers:
- What do the Agencies expect institutions to have accomplished by year-end 2006?
- The Agencies expect that institutions will complete the risk assessment and will implement risk mitigation activities by year-end 2006. The Agencies are not considering any general extension of the timing associated with this guidance.
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