Today, the Federal Financial Institutions Examinations Council (FFIEC) released its long awaited supplement to its October 2005 guidance on authentication in an Internet banking environment.
The Supplement reflects the FFIEC’s conclusion that financial institutions and their customers are facing increasing online risks. Consistent with the 2005 Guidance, the Supplement does not endorse any specific technology to mitigate risks, but it does emphasize the need for performing risk assessments, educating consumers, and deploying effective strategies to combat risks.
The FFIEC has indicated that it will direct its examiners to evaluate financial institutions based on the Guidance starting in 2012.
FFIEC Press Release: http://www.ffiec.gov/press/pr062811.htm
FFIEC Guidance Supplement: Auth-ITS-Final 6-22-11 (FFIEC Formated)