Banks to Use 2-factor Authentication by End of 2006

Evil Grinn writes "As reported on Yahoo and elsewhere the Federal Financial Institutions Examination Council (FFIEC) has given a deadline of end-of-year 2006 for U.S. banks to implement two factor authentication."

Comments

My bank already does this

[thewils]

At least so they said in that email they sent me...

Re:Security or Laziness?

[erick99]

And then driving home in your horse and buggy?

Re:One more damn thing to carry around

[Anonymous Coward]

Man, I remember back in the day we had to physically visit the bank between 9am and 5pm on a Monday thru Friday and carry around a little green savings book if we wanted money from our accounts. Get this... When I got paid by my employer, I had to go to that same bank during those same hours and deposit the check in my account through my teller and I had to have that green book with me. At one point, that bank put an odd looking hole in the wall with a big heavy metal door. I think it was called a "night deposit box". Me and the other guys would never put our checks for deposit in that thing, how safe could that really be and no one around to give a receipt or fill in my little green book. Did I mention the trip to my bank was uphill both ways?

Physical access.

[ElDuderino44137]

Don't let anyone fool you.
If you gain physical access to a device ... you will get in.
These n-factor authentication schemes ... may delay you ... but I doubt it.

Step 1: Remove hard drive from device.
Step 2: Run away really fast.
Step 3: Rule the world.

Two Factor Withdrawls

[faqmaster]

The two factor system has always worked well for me. I have no problem making withdrawls using a gun AND a note.