Banks Join Forces with FSTC on ID Protection

Twenty financial institutions and technology companies announced that they have chosen to support the Financial Services Technology Consortium in its work on a method to move forward on securing consumer identities and decreasing online and other fraud. FSTC launched the Better Mutual Authentification Project in response to those organizations' support. The project will focus on establishing a blueprint for the financial industry that all institutions can use to establish mutual authentification between the industry and its customers. That authentification method will be used for face-to-face, online, mail, phone and automated teller machine transactions. The goal will be to develop a framework that can be implemented industry-wide, then customized for individual institutions.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 11, 11/05