NACHA –The Electronic Payments Association is offering financialinstitutions help in complying with the new online authenticationguidance from the FFIEC.
The new, six-page paper includes business practices that can be used tocreate internal policies and procedures.
The FFIEC last June issued an update to its original 2005 guidance. Called theFederal Financial Institutions Examination Council (FFIEC)Supplement to Authentication in an Internet BankingEnvironment, it requires financial institutions to completeperiodic risk assessments, establish layered security controls, andeducate customers on various forms of potential fraud, NACHAnoted.
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