CHICAGO, Oct. 20 (UPI) -- U.S. banking regulators are ordering financial institutions to bolster their Internet security by the end of next year.
The Federal Financial Institutions Examination Council sent a letter last week to U.S. banks indicating they were no longer permitted to allow access to online banking accounts with just one form of technology authentication -- a PIN number or a password -- because hackers are too savvy to be stopped by such trifling security.
In its letter the council noted, "Single-factor authentication as the only control mechanism is inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties."
The government wants banks and other financial institutions to provide two or more forms of online authentication for customers. This may include technology that creates distinct passwords every time one tries to log into an account, as well as fingerprint and handwriting analysis.
