Regulators Issue Updated eBanking Security Guidelines
Summary: The Federal Financial Institutions Examination Council released a supplement to its 2005 "Authentication in an Internet Banking Environment" guidance, calling on banks to conduct more rigorous risk assessments, monitor customer transactions for suspicious activity, and educate business customers about online banking risks. The update, expected since a draft leaked in December 2010, stops short of endorsing specific technology and calls for layered security programs including transaction anomaly detection, dual authorization through different access devices, out-of-band verification, and positive pay and debit blocks.
What you should know: Gartner analyst Avivah Litan estimates 70 to 80 percent of U.S. banking institutions outsource at least some visibility into customer transactions to third-party providers, and the guidance is silent on those providers' role - leaving smaller institutions to absorb risk they may not control.
Read the original at Krebs on Security ↗
- Topics
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