The Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta released a working paper last month assessing the strengths and weaknesses of different methods of authentication in financial transactions. The paper evaluates authentication methods to address the challenge of increasing the confidence level of authenticating customers without adding so much friction to the process to discourage customers from completing transactions.
The paper, authored by Federal Reserve Bank of Atlanta payments expert David Lott, concluded that passwords, along with additional authentication factors, should still suffice for the vast majority of financial transactions. Yet consumers are encouraged to change passwords at least annually, if not quarterly, and to vary them from site to site.
To address the increasing concern that fraudsters are able to use the Internet and social media to find answers to common knowledge-based questions, such as a mother’s maiden name or even the best man’s name at a wedding, there has been a growing push to move to questions that are based on preferences rather than personal data, such as favorite childhood cartoon, etc., the paper suggests.
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