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In Online Banking, Customer Due Diligence is Ever Changing
By Brian Orsak
printFinancial institutions can expect regulatory examiners to pay closer attention this year to the identity theft and fraud controls of their online offerings, say compliance lawyers. Banks have been required since the end of 2006 to gather multiple pieces of information to verify customers' identities over the Internet. In October 2005, the Federal Financial Institutions Examination Council (FFIEC), a group of banking and other regulators, called on banks to bolster their online security by requiring more than passwords. Financial institutions should supplement their security with measures such as physical tokens, like smart cards, USB plug-ins, personal identification numbers and biometrics,...
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