Feeds

US regulators mandate extra eBanking security

Feds eye two-factors

5 things you didn’t know about cloud backup

US federal regulators want banks to adopt two-factor authentication as a means to combat the growing problem of online account fraud. Bank Web sites are expected to introduce systems that move beyond basic password access to accounts by the end of 2006, according to guidance issued by the Federal Financial Institutions Examination Council (FFIEC), AP reports.

"The (FFIEC) agencies consider single-factor authentication, 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. Account fraud and identity theft are frequently the result of single-factor (eg ID/password) authentication exploitation," FFIEC said in a report (PDF) on Authentication in an Internet Banking Environment.

"Where risk assessments indicate that the use of single-factor authentication is inadequate, financial institutions should implement multifactor authentication, layered security, or other controls reasonably calculated to mitigate those risks," it added.

Two-factor authentication involves the use of password-generating device along with the funny list of codes you have on a Post-It note. That means a thief must know more than just a password to gain access to a user's account. Banks in the Netherlands and Scandinavia have been using the technology for years and it's generally credited with helping to make account fraud more difficult. However, security experts have pointed to man in the middle-style attacks that undermine the extra security layer offered by two-factor authentication; so although the technology helps guard against fraud, it would be rash to view it as a "silver bullet" solution. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
One HUNDRED FAMOUS LADIES exposed NUDE online
Celebrity women victimised as Apple iCloud accounts reportedly popped
Rubbish WPS config sees WiFi router keys popped in seconds
Another day, another way in to your home router
Goog says patch⁵⁰ your Chrome
64-bit browser loads cat vids FIFTEEN PERCENT faster!
NZ Justice Minister scalped as hacker leaks emails
Grab your popcorn: Subterfuge and slur disrupts election run up
HP: NORKS' cyber spying efforts actually a credible cyberthreat
'Sophisticated' spies, DIY tech and a TROLL ARMY – report
NIST to sysadmins: clean up your SSH mess
Too many keys, too badly managed
Scratched PC-dispatch patch patched, hatched in batch rematch
Windows security update fixed after triggering blue screens (and screams) of death
Attack flogged through shiny-clicky social media buttons
66,000 users popped by malicious Flash fudging add-on
New Snowden leak: How NSA shared 850-billion-plus metadata records
'Federated search' spaffed info all over Five Eyes chums
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.