Banks heighten security to prevent identity theft
Monday, October 9th, 2006Soon, online bankers will need more than a user name and password to log on to their online accounts. They will also be asked to either use a specific computer or answer a series of personal questions.
Beloit Daily News writer Ashley Rhodebeck reports that a federal regulation mandates all banks to implement a higher security system by Jan. 1, 2007. This new system, commonly known as Multi-Factor Authentication, will recognize the computers accountholders regularly use. This system confirms that the user is who he says he is.
And customers will know they’re on a legitimate Web site because they’ll be asked to identify an image after entering their user name. If a user attempts to log on from a non-registered computer, they will be asked to further identify themselves by answering numerous personal questions.
