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Feds demand more security for online banking (#1881)
Posted: 10/18/2005; 7:05 PM by Terry Frazier
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It's become apparent that US banks are simply not going to act on their own to increase security in online banking. Despite the absurdity of using nothing more than a 7-character pasword to protect a person's entire asset base, that's all BankofAmerica has in place. Even though I've written several letters to them complaining about the dangerous lack of security I've never gotten so much as a "how do you do" in response. It's about time regulators actually did something for us instead of to us. [via Freedom News Daily] 

HoustonChronicle.com - Feds demand more security for online banking

Associated Press BOSTON — Federal regulators will require banks to strengthen security for Internet customers through authentication that goes beyond mere user names and passwords, which have become too easy for criminals to exploit.

Bank Web sites are expected to adopt some form of "two-factor" authentication by the end of 2006, regulators with the Federal Financial Institutions Examination Council said in a letter to banks last week.
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