Loading...

The 5 Basic (but Important) Questions Banks Need Answered Regarding FFIEC Regulatory Compliance

Published: November 15, 2011 by Chris Ryan

This is second question in our five-part series on the FFIEC guidance and what it means Internet banking.  If you missed the first question, don’t worry, you can still go backCheck back each day this week for more Q&A on what you need to know and how to prepare for the January 2012 deadline.

Question: What does “multi-factor” authentication actually mean?

“Multi- Factor” authentication refers to the combination of different security requirements that would be unlikely to be compromised at the same time. A simple example of multi-factor authentication is the use of a debit card at an ATM machine.   The plastic debit card is an item that you must physically possess to withdraw cash, but the transaction also requires the PIN number to complete the transaction.

The card is one factor, the PIN is a second. The two combine to deliver a multi-factor authentication. Even if the customer loses their card, it (theoretically) can’t be used to withdraw cash from the ATM machine without the PIN.

_____________

Look for part three of our five-part series tomorrow.

Related Posts

For fintechs who were already challenging existing business models, COVID-19 suddenly accelerated financial services innovation into overdrive.

Published: October 28, 2020 by Jesse Hoggard

The pressure to innovate amid technological progress poses an opportunity for us all to rethink the work we do and the way we do it. Are you ready?

Published: September 19, 2019 by Laura Burrows

Opening a new consumer checking account in the 21st century should be simple and easy to understand as a...

Published: December 12, 2014 by Guest Contributor

Subscription title for insights blog

Description for the insights blog here

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Categories title

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

Subscription title 2

Description here
Subscribe Now

Text legacy

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source.

recent post

Learn More Image