Banks Required to Tighten Internet Security

Federal regulators issued an edict to banks last week: tighten Internet security by the end of 2006. One of the most significant outcomes of the requirement will be the adoption of a "two-factor" control mechanism to access a bank account online.

In single-factor authentication, the user need only provide a password or PIN to access an account. In two-factor authentication, the user provides a password/PIN and something else, such as a random numeric access code displayed on a key fob in the user's possession.

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