Regulatory Alerts2020-06-29
Authentication in an Internet Banking Environment
The Idaho Department of Finance issued Guidance Statement 2020-01-FIB to adopt FFIEC standards for financial institutions offering Internet-based services. The guidance requires institutions to conduct risk-based assessments and implement multifactor authentication or layered security for high-risk transactions. It mandates robust customer identity verification, continuous monitoring, and ongoing consumer awareness programs to mitigate fraud and protect personal information.
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