Interesting People mailing list archives
As deadline nears, banks toughen Net protections
From: David Farber <dave () farber net>
Date: Mon, 1 Jan 2007 15:03:47 -0500
Begin forwarded message: From: Dewayne Hendricks <dewayne () warpspeed com> Date: December 31, 2006 9:02:39 PM EST To: Dewayne-Net Technology List <dewayne-net () warpspeed com> Subject: [Dewayne-Net] As deadline nears, banks toughen Net protections Reply-To: dewayne () warpspeed com[Note: This item comes from reader Monty Solomon. Boy, do I feel a lot safer now! DLH]
From: Monty Solomon <monty () roscom com> Date: December 30, 2006 10:45:08 PM PST Subject: As deadline nears, banks toughen Net protections As deadline nears, banks toughen Net protections By Hiawatha Bray, Globe Staff | December 29, 2006 People who do their online banking with Cambridge Savings Bank will find it a little harder to log on in the New Year. But bank executives don't think the customers will mind. It's for their own good -- and besides, it's the law. A federal regulation mandating tougher online financial security measures will take effect Monday. Banks, credit unions, and other financial institutions must begin using enhanced technologies to protect customer data against identity theft. Many of the nation's biggest banks, including Bank of America, have already introduced "multi factor" authentication systems that go well beyond the traditional user name and password approach to prevent Internet fraud. Other smaller banks, which buy their online banking services from independent contractors, are scrambling to meet the coming deadline. Mark Tracy, senior vice president of back technology and operations at Cambridge Savings, said his company has been testing its new authentication system for the past two months, with help from customers who've agreed to try it. "It's been pretty successful so far," said Tracy. "In January, we'll be making it mandatory." Cambridge Savings customers will receive a user name and password when they sign up for the service. In addition, the first time a customer uses his home or work computer to do some banking, the machine is given a unique digital "fingerprint" associated with the customer's password. Whenever he banks with that computer, the bank software checks his user name, password, and computer fingerprint before processing the transaction. If someone tries to log in from a machine that isn't fingerprinted, the bank will send a confirmation message to the customer's e-mail address. A crook who's stolen somebody's user name and password probably won't have access to the victim's e-mail account, so he can't reply to the message, and won't be allowed to log in. .....<http://www.boston.com/business/globe/articles/2006/12/29/ as_deadline_nears_banks_toughen_net_protections/>
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- As deadline nears, banks toughen Net protections David Farber (Jan 01)