A report relating to identity theft that was issued by the FDIC in 2004, warned that fraudsters were taking advantage of the reliance on single-factor authentication for remote access to online banking, and the lack of e-mail and web site authentication, to perpetrate account hijacking. It also suggested that financial institutions could reduce online fraud by upgrading to two-factor authentication systems.
In implementing the two-factor authentication solution, Safeword, the security solutions provider will work alongside systems integrator, Emergent OnLine.
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