Government ID, Smart Cards, Identification and Authentication

Experts weigh in on bank responses to FFIEC guidelines

Saturday, January 7, 2006

Financial houses strengthen authentication with challenge questions, phone authentication and other means of outsmarting hacker sleuths

Bank of America’s answer to the new federal guidelines isn’t a biometrics apparatus that detects a legit banker’s paw print or a hardware token that generates passwords on the fly. For now, it’s much simpler.

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Turkcell, Turkey’s largest mobile operator, has announced the launch of a SIM-based NFC road toll payment application on the Turkcell T11 smart phone.

Developed in collaboration with Bank Asya, the app allows users to migrate their plastic KGS toll payment cards onto their T11 smart phone to pay for fares when crossing bridges and freeway turnpikes.

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The Peninsula Taxi Association (PTA) in South Africa has launched a electronic fare collection system, granting commuters cashless fare and discounts when using the newly developed contactless-enabled transit card, according to The Cape Times.

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In an effort to reduce fraud, the Association of Banks in Singapor announced that it has set guidelines regarding the implementation of smart chips in ATM cards in Singapore.

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In light of the recent data breach at Citibank and the hack at the International Monetary Fund, Gemalto has commented on its blog about what the Federal Financial Institutions Examination Council (FFIEC) should consider as it plans to release a new set of guidelines regarding bank authentication processes.

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Louisville, Ky.-based Electronic Verification Systems (EVS) has announced it’s planning to concentrate on providing fraud prevention and identity verification products for the FFIEC supplemental guidance to authentication in an Internet banking environment.

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MTN Irancell, one of Iran’s mobile operators, has teamed up with Etick Pars Intelligent Technologies and Bank Pasargad to develop a mobile wallet solution for the Iranian Market.

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