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FFIEC Authentication
Compliance
Solutions
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New FFIEC
Guidance 2011
KBA Out of Wallet Challenge
Questions
Solution from Veratad serve as an effective solution to
implement as a part of an institutions method to
mitigate risk.
The randomly rotated dynamically generated Out of Wallet
Challenge Questions
present both historical and biographical questions in
combination with synthetic or red herring questions. To
learn more
Click Here…
New guidance has been written and released by The Federal
Financial Institutions Examination Council (FFIEC) for
financial institutions regarding customer authentication of
online accounts.
The Layered Security section of the supplement recommends
the use of “out of wallet” challenge questions as one of the
effective risk mitigation techniques. The Council indicated
there were a variety of ways challenge questions may be
implemented. However, “out of wallet” challenge questions
are much more difficult for an impostor due to fact that the
consumer never knows the exact content of the question being
presented.
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In contrast, the use of static challenge
questions commonly generated by the customer upon account
origination are less effective due to the availability of an
individual’s information about themselves from resources
such as social networking sites. Institutions should no
longer consider static challenge questions as a primary
method to mitigate risk.
The first guidance release by the Council was in 2005.
Its risk based approach recommended institutions make
available recurring assessments responding to new threats.
The new guidance strengthens the original 2005
expectations. The supplement states, “Financial institutions
should perform periodic risk assessments considering new and
evolving threats to online accounts and adjust their
customer authentication, layered security, and other
controls as appropriate in response to identified risks.”
Learn about our
Out of Band Two Factor Authentication Solution.
FFIEC
Authentication Guidelines - Out of Wallet Challenge
Questions Compliance
Deadline January 2012.
Read the
FFIEC Guidance
Learn About Our Other Authentication
Compliance Solutions:
Out of Band Multi-Factor Authentication
AgeMatch | IDMatch / IDMatch +PLUS |
IDR Calc/Privacy Tool |
RegMatch |
CustomMatch
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