Regulatory Alerts2007-05-10
Added · Updated
Authentication in an Internet Banking Environment
The Idaho Department of Finance adopts the FFIEC guidance "Authentication in an Internet Banking Environment" effective May 9, 2007, applying it to all Idaho financial institutions regulated or insured by FFIEC agencies that offer Internet-based financial services. The guidance requires these institutions to conduct risk-based assessments and implement authentication controls appropriate to the risks associated with their products, mandating multifactor authentication or layered security for high-risk transactions where single-factor authentication is deemed inadequate. It further obligates institutions to maintain effective customer awareness programs, ensure reliable account origination and verification methods, and establish monitoring and reporting systems to detect unauthorized access and fraud.
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