SC Magazine on whether or not authentication is sufficient

Charles Jeter, myself, and a few others have been having an interesting email discussion over the weekend.  The discussion was around whether or not the rumored updates to the FFIEC guidelines will be sufficient. 

Many people are saying that the guidelines are going to re-emphasize that financial institutions need to have strong authentication mechanisms in place.  While that is necessary, my belief is that because of technology like Zeus, strong authentication is not sufficient.

In the email thread there was some discussion on the definition of “authentication”.  The point being made was that authentication can mean verifying identity OR verifying legitimacy.  My stance is that most people know the first definition and not the second.

Read more on the first part of the article here.