Financial Institutions Scramble For Compliance With Internet Banking Security Mandates As Multi-Factor Authentication Deadline Looms
SOUTHFIELD - Regulators are requiring all financial institutions to implement a multi-factor authentication system by December 31. With 52 million Internet banking records reported lost in 2005 alone, the move to make layered security changes is necessary and commendable, albeit challenging. ?MFA mandates will require on-line bank customers to submit another form of identification, in