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Secure Multichannel Banking Complies With FFIEC Guidelines
Compliance with the updated FFIEC Guidance is required starting in January 2012.
The sheer magnitude and sophistication of online attacks have significantly shifted the threat landscape for electronic banking. Organized cyber-criminals have fraudulent extracted a whopping $1 billion for U.S. businesses alone. Disclosure laws and publicized breaches may depress customer use of online banking.
In response to heightened risks for financial institutions and their customers, the Federal Financial Institutions Examination Council (FFIEC) issued the long-awaited Supplemental Guidance in June 2011 that prescribed enhanced expectations for addressing security weaknesses in online customer authentication. As no one security control has proven to be sufficient, multiple layers of strong authentication and other controls are required to address inherent singular authentication weaknesses and sophisticated attacks.
The Federal Financial Institutions Examination Council (FFIEC) differentiates between the risks associated with consumer vs. commercial transactions. In addition to strong multifactor authentication, the requirement for business banking includes layered security controls consistent with increased risk level associated with more complex financial transactions (e.g., ACH or wire transfers). Financial institutions will be formally assessed by examiners under the new FFIEC Guidance beginning in January 2012.
With the FFIEC deadline looming, financial institutions need a cost-effective, in-depth security solution that can be deployed quickly to protect against known fraud exposures from Man-in-the-Browser attacks and other sophisticated malware. The versatile solution must be open and extensible to add layers of security controls and enable banks to respond quickly to emerging online attacks, evolving business requirements, and changing user needs. For now, the FFIEC Guidance focuses targeted attacks to PC-based electronic banking, but multichannel authentication on smart phones and tablet devices will be a game changer for financial institutions.
The innovative 4TRESSTM Authentication Appliance is ideal for small and midsize banks and other financial services organizations requiring secure multichannel banking that meets regulatory standards, yet is easy to use and delivers convenience for end-users.
- Multilayered Strong Authentication: 15+ versatile authentication methods that can be tailored to specific user groups, transaction and risk levels, including Out-of-Band (OOB) verification for high-risk transactions.
- Advanced Fraud Detection: Transparent adaptive authentication based on fact-based anomaly detection from global network intelligence and device profiling across tens of millions of transactions.
- Value and Extensibility: Security across multiple service channels under one appliance.
- Tamper-Evident Audit Logging: Embedded Hardware Security Module is FIPS 140-2 Level 3 and EAL 4+ compliant.
ActivIdentity provides unparalleled expertise for financial institutions to deploy the most versatile platform by supporting stronger authentication and layered security controls across multiple banking channels.
4TRESSTM Authentication Appliance supports a cohesive bank fraud management framework with a wide range of strong authentication methods, including Web, mobile, and PC soft tokens for multiple use cases, as well as transaction-level verification to tie to a high-risk activity response.
With a comprehensive portfolio of identity assurance and credential management solutions to prove and establish trust online, ActivIdentity provides solutions necessary for financial institutions to comply with the latest bank regulatory requirements and deliver secure multichannel banking in an increasingly hostile online environment.
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