AUTHENTICATION IN THE Electronic Banking Environment

Short Description
Enhancing Online Security Is A Top Priority. When you bank online in the coming months, you’ll notice some changes. These changes have to do with how you identify yourself and gain access to your accounts over the Internet, and are designed to make you safer than ever before from identity theft.

Website: www.conestogabank.com | Filesize: 128kb
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Content
These changes are based on the realization that Internet fraudsters have become increasingly sophisticated, making “single-factor authentication”—a simple password, for example— inadequate for some of your online financial transactions.
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Single-factor authentication uses one of these methods; multi-factor authentication uses more than one, and thus is considered to be a more reliable and stronger fraud deterrent. When you use your ATM, you are using multi-factor authentication: Factor number one is something you have, your ATM card; factor number two is something you know, your PIN.
Your bank’s goal is to ensure that the level of authentication used in a particular transaction is appropriate to the level of risk in that application. Accordingly, your bank has concluded a comprehensive risk-assessment of its current methods following stringent federal regulatory “Financial institutions should rely on multiple layers of control to prevent fraud and safeguard customer information.” guidelines and will be implementing the appropriate authentication measures to keep your online transactions safe and secure.
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