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Financial Institutions: Bank Regulators' Evaluation of Electronic Signature Systems

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Report Type Reports and Testimonies
Report Date Nov. 8, 2000
Report No. GAO-01-129R
Subject
Summary:

This report discusses bank regulators' evaluation of electronic signature systems. Financial institutions use signature systems to verify or authenticate the identity of customers conducting financial and nonfinancial transactions over the Internet and other open electronic networks. Officials at the Office of the Comptroller of the Currency (OCC) and the Federal Reserve told GAO that they are developing an examination strategy for Identrus LLC, which is an entity that provides services to financial institutions to authenticate electronic signatures. OCCofficials have not determined what role they will play in assessing Identrus' operations, but they believe that financial institutions should take an active role in assessing the risks associated with electronic signatures.

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