Do you feel like your online banking transactions are secure?

The (US) Federal Bank boys and girls don't.

They really do appear to be serious about this.

[Quote]
Feds Look to Tighten Online Banking Rules
By Larry Loeb
October 24, 2005
Opinion: The Federal Financial Institutions Examination Council has issued a report stating that a username and password alone aren't secure enough.
[End Quote]

The title is pretty much self-explanatory. Basically they're saying that a username and a password are not sufficiently secure.

One proposal is that after you give your username and password, the bank must call you on your cell phone (they assume everyone has one and will have given its number to their bank) so that you can verify that you are the person who just logged on. Then they may process your transaction.

(Does this sound like the Fed needs to know where you are in case it looks like you're making a money-laundering transaction??????? Or am I just paranoid.)

Reportedly several alternate schemes of "multi-source indentity verification" have been proposed, with no specific recommendation thus far, but the reporter above seems to believe that something(s) new are on the near horizon.

Anyone care to speculate on what the other methods might be? Couriers on bicycles to confirm that they saw you do your logon?

I don't have any argument with better banking security; but coming along on the heels of - or in the midst of - so much recent "close surveillance in the name of security" I smell secret purposes.

Tell me I'm just reacting to the shrimp eggroll I had for supper...

Please.

John