Banks And Credit Unions Racing To Add Ways To ID Customers

From Yahoo News.

Most banks, credit unions and savings and loan associations are
scrambling to comply with federal requirements for increased online
banking security measures by year’s end.

upshot: If online customers can move money around or have access to
personal information, financial institutions must have more than one
type of user authentication in place by then.

That means passwords by themselves aren’t enough, says the Federal
Financial Institution Examination Council (FFIEC), which issued the
guidance. Banks have to provide another way to ensure that customers
are who they say they are — keeping out hackers in the process.

Of relevant institutions, only 20% have met the requirements, says Forrester Research analyst Jonathan Penn.

"There’s going to be a mad dash at the end of the year," Penn said.

Click here to read entire Yahoo News story.

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