Agencies Release FAQs For Internet Banking Authentication
Posted by Peter Mucklestone
The bank regulatory agencies recently released a frequently asked questions ("FAQs") document to aid in the implementation of the interagency guidance on Authentication in an Internet Banking Environment issued October 12, 2005 (the "Interagency Guidance"). The Interagency Guidance addresses the need for risk-based assessment, customer awareness, and security measures to reliably authenticate customers remotely accessing their financial institutions’ Internet-based financial services.
The FAQs are a representation of questions the agencies have received from financial institutions, agency examiners and technology service providers. The FAQs are designed to assist financial institutions and their technology service providers in conforming to the Interagency Guidance by providing information on the scope of the Interagency Guidance, the timeframe for compliance, risk assessments, and other issues.
A link to the FAQs can be found on the Federal Financial Institutions Examination Council's (FFIEC) Web site.