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FDIC Recommends Two-Factor Authentication |
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The FDIC is issued a list of best practices to combat spyware and other forms of financial fraud. Banks and financial institutions need to pursue two-factor authentication. The FDIC recommends rolling out multifactor authentication to limit the ability of identity thieves to access customer accounts. Firms should also consider spyware as part of their risk-assessment analysis and bolster security against it by setting Internet-use policies for employees. The FDIC also recommends that banks advise customers on the risks of using public computers such as those in hotels, libraries or Internet cafes to connect to online banking Web sites because of the uncertainty of what spyware may have been installed on the public equipment. According to the FDIC, the risks associated with spyware include allowing attackers to eavesdrop and intercept sensitive communications, such as customer IDs and passwords; allowing unauthorized access to user accounts; permitting unauthorized access to bank systems; and increasing vulnerability to other Internet-based attacks, such as phishing.
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