Audits planned for online banking security compliance

November 27, 2006

Computerworld magazine notes today that online security guidelines suggested by the Federal Financial Insitutions Examination Council (FFIEC) go into effect January 1.

The guidelines advise banks and credit unions to adopt "strong-user authentication measures" for protecting customers against identity theft and other fraud.

Under the FFIEC’s guidelines, banks and credit unions are being asked to implement single-factor authentication processes — typically based on a username and password — with a second form of authentication.

These aren't a formal mandate, but then again, the FFIEC plans to begin auditing financial insitutions for compliance next year.

Where I'm from "auditing for compliance" sounds like a rule to me.