Bank Policy Institute highlights benefits of multifactor authentication, security concerns

The Bank Policy Institute has released a paper on multifactor authentication explaining the benefits of implementation and challenges as part of an effort to create an “industry consensus” on the best path forward.

“Multifactor authentication (MFA), the use of more than one authentication input, has become the minimum industry standard for stronger authentication assurance. These authenticators can include biometrics, one-time passcodes or a physical token like a smartcard,” the paper says. It was released on Tuesday and developed by...