FFIEC Guidance and Voice Verification

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FFIEC Guidance and Voice Verification

• ID Fraud is a 56B problem and growing (FTC)
• In 2004, 2 million US bank accounts were
  compromised (Gartner Group). in 2006, there were
  more than 10 Million.
• A compromised authentication process creates the
  following risks
• Financial losses and damages due to fraud
• Disclosure of customer information
• Corruption of data
• Unenforceable agreements

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Two-factor Authentication Model
Something you know Password, PIN,
Challenge/Response
Something you have ID, Smart Card, Token
Something you are Voice, Fingerprint,
Retina

• US Financial Industry Guidance
• Single factor authentication is "inadequate
  for high-risk transactions involving access to
  customer information or the movement of funds to
  other parties.
• -Federal Financial Institutions Examination
  Council (FFIEC), Oct 2005

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Sample 2-factor Solutions

• ATM (Mainstream)
• Client card something you have
• PIN something you know
• Internet channel (Emerging)
• Password something you know
• Biometric something you are OR
• Security token something you have
• Telephone channel (Emerging)
• Password or challenge question something you
  know
• Biometric voice verification something you are

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More Information

• Contact
• Jeremy Bernard
• VP, Marketing and Business Development
• jeremyb_at_diaphonics.com
• 902-446-3671
• Toll Free 1-877-290-1500
• www.diaphonics.com