Re: Security and the Under 30 User

[Patrick Hendrick <phendrick () gmail com>]

> On the subject of banks, I would refuse to pay $5 to $25 per transaction
> to combat fraud, that's too high.  Why don't banks just implement
> multi-factor authentication. As in username (1), password (2), security
> question (3) and a security dongle (4).  I realize that from a technical
> standpoint it is not simple nor is it inexpensive, but if it will combat
> fraud shouldn't it be implemented?

It should be noted that this is a requirement (can't remember if it's 
FDIC who whom) as of the end of last year. If your bank doesn't have 
some sort of multi-factor authentication, they are out of compliance.