With phishing scams remaining prevalent, the Financial Services Technology Consortium (FSTC) said it is taking a "major step forward" with the launch of a major project aimed at authenticating financial institutions to their customers.
FSTC said its recently concluded Better Mutual Authentication (BMA) project "broke new ground by developing an architectural framework for authentication solutions based on multiple techniques used in combination, whether as parallel methods or as alternatives that can be employed in different circumstances or to meet specific application requirements."
This project, with participation from 28 financial institutions, industry associations, government agencies, and technology vendors, established core financial industry requirements and put forward a series of recommendations aimed at improving authentication practices for online retail financial services.
FSTC said the project will create one or more use cases and threat analysis that can be used to evaluate technology solutions created by the IT industry for the financial services industry and create a test bed for analyzing and evaluating financial institutions' authentication solutions. The project will require cooperation among financial institutions and their IT vendors.
FSTC said it is currently in the process of assembling the project team for this project.
For info: Dan Schutzer at (917) 338-6480.
