NACHA –The Electronic Payments Association is offering financial institutions help in complying with the new online authentication guidance from the FFIEC.
The new, six-page paper includes business practices that can be used to create internal policies and procedures.
The FFIEC last June issued an update to its original 2005 guidance. Called the Federal Financial Institutions Examination Council (FFIEC) Supplement to Authentication in an Internet Banking Environment, it requires financial institutions to complete periodic risk assessments, establish layered security controls, and educate customers on various forms of potential fraud, NACHA noted.
The NACHA paper provides a side-by-side representation of key points of the Supplement, parties affected by each point, applicable requirements per the NACHA Operating Rules, and sound business practices to adhere to the Supplement, NACHA said.
"We are pleased to partner with the financial industry and offer this straightforward resource intended to support the efforts of financial institutions as they work to appropriately utilize online security controls and conform to FFIEC guidance,” said Janet Estep, NACHA president/CEO. “The use of appropriate, layered controls will help financial institutions minimize risk, reduce potential future fraud, and retain confidence in electronic banking and payments systems.”
Herndon, Va.-based NACHA said it now NACHA represents more than 10,000 financial institutions via 17 regional payments associations and direct membership.