Usernames and Passwords Are Facilitating Fraud

In 2005, the Federal Financial Institutions Examination Council stated:

The agencies consider single-factor authentication, as the only control mechanism, to be inadequate for high-risk transactions involving access to customer information or the movement of funds to other parties. Account fraud and identity theft are frequently the result of single-factor (e.g., ID/password) authentication exploitation.  Where risk assessments indicate that the use of single-factor authentication is inadequate, financial institutions should implement multifactor authentication, layered security, or other controls reasonably calculated to mitigate those risks.

Here we are in 2011, six years later, and well over half a billion records have been breached.  Read More

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