Summary
This document is a guide detailing the new supervisory guidance from the Federal Financial Institutions Examination Council (FFIEC) aimed at enhancing the security of online banking for business account holders. It outlines the increasing risks associated with online transactions, particularly those involving commercial accounts, and emphasizes the need for banks to implement robust security measures. The guide describes the importance of layered security and recommends that financial institutions adopt enhanced controls tailored to the risk levels of transactions. It also suggests that banks encourage business account holders to conduct internal assessments of their security practices. The document provides examples of layered security measures, such as multi-factor authentication and fraud detection systems, which can help mitigate risks. Additionally, it highlights the protections available under Regulation E for electronic transactions and advises account holders on steps to take if they suspect fraudulent activity.
