FFIEC and FDIC

As a federal security enforcement agency for financial institutions, the Federal Financial Institutions Examination Council (FFIEC) issues rules that require banks to battle increasingly common threats to secure banking authentication. Its guidance affects all sizes of financial institutions, from small community to large global banks.

Knowing account fraud and identity theft are far more likely to occur in a single-factor authentication process, the FFIEC requires banks to implement a multi-level approach. LBMC Security Services can evaluate and implement different security controls at varying points in your transaction process. Doing so helps ensure a compromised defense will be followed by another control point to thwart intrusions and thefts. Not only does a multi-point authentication system enable protection of customer information, and reduce fraud and identity theft, it also allows financial institutions to better legally enforce their electronic agreements and transactions.

As a member of the FFIEC, the Federal Deposit Insurance Corporation (FDIC) also expects financial institutions to undertake added security measures, particularly when retail customers can access “sensitive customer information” online. Even if they’re able to only access check images or payment information, that’s sensitive customer information. LBMC Security Services stays up to date on the latest FFIEC and FDIC requirements and guidelines to implement or update your information security program to stay in compliance.