Device identification will play a crucial role in authentication of financial transactions in the future. The Federal Financial Institutions Examination Council (FFIEC) reports that a hole in current security is from the lack of layered security, such as device authentication, log analysis and situation-based analysis.
These types of authentications would be able to detect attacks that are coming from overseas or from someone using a proxy server to hide their true identity, reports ThreatMetrix’s Reed Taussig, according to a story from BankInfoSecurity.com.
Taussig says keeping logs so institutions have something to check back on along with a true identity with a real IP address. This layered approach should thwart most dubious attempts to gain access or other malicious meddling.
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