Training

Next-Generation Technologies & Secure Development , Privacy

The Role of Out-of-Wallet Questions in Meeting the Updated FFIEC Guidelines

The Role of Out-of-Wallet Questions in Meeting the Updated FFIEC Guidelines
The updated FFIEC Guidance on Authentication in an Internet Banking Environment, released in June, set a new standard for online banking security. The guidance calls for a layered security approach and stronger more effective authentication techniques, including replacing challenge questions based on shared secrets with a more sophisticated solution called out-of-wallet challenge questions.

This webinar explores out-of-wallet challenge questions where you'll learn:

  • The difference between authentication techniques and how you can establish trust;
  • The dangers associated with current authentication technologies like Shared Secrets;
  • Where and when to use out-of-wallet questions;
  • How you can generate out-of-wallet questions with your own proprietary customer data;
  • The different types of out-of-wallet question providers and how to choose the right solution for your bank;
  • Recommended approach for being in compliance by January 2012.

Background

Out-of-wallet questions, sometimes referred to as dynamic knowledge-based authentication, are considered a higher level of identity verification to help banks establish trust with any consumer-not-present. Out-of-wallet questions are very different from the more commonly known challenge questions of "what's your mother's maiden name" or "name of your favorite sports team" and can be used in a variety of situations where you need to be sure someone is who they say they are.

This webinar examines both the security and customer service issues associated with challenge questions in place at financial institutions today and why the FFIEC is guiding banks to switch to out-of-wallet challenge questions. You'll hear from an identity verification expert on how other financial institutions are stopping fraud using out-of-wallet questions as well as recommendations for making the switch within your own organization.

Sign up for this webinar if you want to walk away with a clear understanding of the differences between these technologies and the risks your company faces by not switching to this more sophisticated method of authentication.

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