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Written by: Kyla Thomas
With the issuance of the Authentication in an Electronic Banking
Environment guidance in 2001 and the most recently updated guidance
issued in late 2005, financial institutions are expected to perform
risk based assessments. These risk based assessments relate to
customer awareness and enhanced security measures to authenticate
customers using Internet-based products and services that process
high risk transactions involving access to customer information
or the movement of funds to other parties. The risk assessments
and efforts to mitigate this risk must be in place by December
31, 2006. Many questions have been presented to various regulatory
agencies regarding these issues. The various regulatory agencies
have comprised a list of frequently asked questions to use in conjunction
with the issued guidance in order to assist in assessing and mitigating
these risks. This guidance can be found by reading this
PDF:
. If you need any assistance in performing a risk assessment for
your establishment, please do not hesitate to contact us.
Contact Nichols,
Cauley & Associates by Email,
phone, or online
form with your questions.
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that the content is generally designed to be of general applicability.
Particular state laws, regulations and special contractual provisions
can greatly impact rights, responsibilities and legal obligations.
Only a competent attorney, accountant or other professional looking
at all the pertinent facts and circumstances of a particular situation
can provide definitive guidance for you. Please refer to our important
legal discalimer which can be accessed from the bottom of any BankAudit.net
webpage.
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