The FFIEC requirement for Multifactor Authentication was designed to make online banking more secure, one analyst says it's making things worse.

At DefCon (an annual gathering of security professionals and hackers) security researcher Brendan O'Connor presented several scenarios in which online banking security has gotten worse.  As of last year banks were required to comply with the FFIEC guidelines to provide multi-factor authentication.

Designed to help combat phishing attacks, O'Connor shraed some insight as to why, with all these new safeguards in place, phishing sites are still operational today.

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