Multifactor authentication, the process of using more than one method or system to confirm the identities of consumers online, has been around for years. But recent regulatory guidelines, increasing criminal activity, lower costs and growing consumer acceptance have combined to bring the technology into the process for community banks more than ever before.
“The fact of the matter is passwords are inherently weak,” says Adam Glick, information security officer at Century Bank in Medford, Mass. “We are trained to use complex passwords that are difficult for a human to remember but easy for a computer to crack.
“Out-of-band, two-factor authentication—or adaptive authentication that learns your general usage habits such as where you usually work from, what computer you use, what time you use it, etc.—can be seamlessly implemented and greatly increase your overall security posture.”