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US push to two-factor security |
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Source: Austrailian IT - Posted by Benjamin D. Thomas
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US FEDERAL regulators have ordered banks to tighten their internet security procedures by the end of 2006 to help thwart identity theft.
In a letter sent to banks last week, the Federal Financial Institutions Examination Council said it was not sufficient that banks permit online access with a single form of authentication, such as a password or personal identification number, when the risks of a breach are too high.
"Single-factor authentication, as the only control mechanism, (is) inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties," the council said.
Read this full article at Austrailian IT
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