The trusty telephone is emerging as one of the key elements in new multifactor authentication schemes designed to protect online banking and other web-based financial transactions from rapidly evolving security threats.
New federal guidelines, which took effect last month, recommend multiple layers of security controls beyond the traditional username/password, particularly out-of-band authentication methods.
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While the Federal Financial Institutions Examination Council (FFIEC) rules apply specifically to banks, credit unions, mortgage lenders, and savings and loans, every organization that deals in online financial transactions such as shopping portals, credit card companies, online bill payments, etc. is affected.
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