Advances in Authentication
With bank transaction fraud and identity theft via targeted social engineering on the rise, regulatory bodies are demanding that businesses and financial institutions employ advanced authentication techniques that map to the sensitivity and risk inherent in each transaction. For banks and other finance-related companies, the Federal Financial Institutions Examination Council (FFIEC) issues guidance on how to protect sensitive transactional data. In June of 2011, the FFIEC updated its guidelines with recommendations for risk assessment, strong authentication, layered security, and customer education. Companies must consider the risks associated with different transaction types in order to figure out how much security it requires. Experts recommend strong authentication measures be put in place to protect businesses and customers alike.