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Recent guidelines issued by the Federal Financial Institutions Examinations Council (FFIEC) require financial institutions to move beyond single-factor authentication in the verification of user identity.

To read the original FFIEC release, see "Authentication in an Internet Banking Environment." Federal Financial Institutions Examination Council. Oct 12, 2020. Click here.
By "single-factor," the council refers to the number of authentication challenges posed to a user. Authentication is based on several factors:
Something the user knows (for example, a password)
Something the user has (for example, a smartcard)
Something the user is (for example, a fingerprint)

Single-factor authentication relies on just one factor, typically a password the user knows. Under the single-factor model, nearly 2 million American Internet users experienced fraud of identity since 2003, this has resulted in the loss of more than $50 billion to businesses and consumers.

Multi-factor authentication requires two or more factors to verify user identity. By adding multiple factors to authentication, the FFIEC says the number of identity theft victims would be significantly reduced. The FFIEC is actually requiring online banking businesses to implement multifactor authentication by October 2006.
According to FFIEC's research, consumers expect online transactions to be secure. Preventing identity theft is not something the user will try to proactively thwart; he or she will assume the banking institution takes adequate measures to protect its customers against fraud and identity theft.
Ceelox ID Online can provide multifactor authentication for your users. Fingerprint authentication is the only solution that provides both security and convenience. Tokens and smartcards can easily be lost or stolen. Passwords or other shared secrets are quickly forgotten. Your fingerprint, however, remains with you as a unique and convenient identifier.
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