In Search of Authentication's Holy Grail

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With losses from identity-related fraud topping $52 billion, the need torein in identity thieves has been a pressing problem for financialservices firms.

But with banks and merchants still lost in the sea of costly newtechnologies for authenticating legitimate financial transactions,banking regulators last week fired yet another warning shot across theindustry's collective bow, putting them on notice that it's time to beginmaking some hard -- and expensive -- choices.

Last Wednesday, the Federal Financial Institutions Examination Council(FFIEC) issued its