It's been over three months since the accidental disclosure. When will the final FFIEC authentication update be released? "I don't think we're any less safe," says Gartner's Avivah Litan. "We just need to step up enforcements."
Gigi Hyland, board member of the National Credit Union Administration, says the latest draft of authentication guidance is awaiting final signoff from just one member agency of the Federal Financial Institutions Examination Council.
Current solutions are good at authenticating users, but not the integrity of the transactions, says Rik Ferguson of Trend Micro. "We're not authenticating the right things."
"Multifactor authentication is perceived by many as being the panacea," says Rik Ferguson of Trend Micro. "[But] the real problem is: We're not authenticating the right things."
"We want to know what the FFIEC guidelines actually mean and who is responsible for enforcing audits and compliance," says fraud victim Jim Payne, owner of Choice Escrow.
A preliminary draft of new online authentication guidance from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to enhance security.
Investments in mobile offers and channel integration will not be mutually exclusive in 2011, says Jim Pitts. Mobile will actually bring more channels together.
In preparation for the holiday season, banking institutions must steer customers -- and employees -- toward best practices for safe online and mobile shopping.
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