Multifactor Authentication

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Question:

Would we meet the multifactor authentication requirements by adding a second password requirement to the logon page of internet banking?

Answer:

No. That would be multitiered single-factor authentication because it is still something the customer knows. While it adds to your security processes, it would not be as secure as multifactor authentication which would add something the customer has such as an access code generated by a token, or something the customer is such as a biometric identification (a thumb print or retina scan are examples).

First published on BankersOnline.com 9/04/06