Bank Regulators' Evaluation of Electronic Signature Systems
Gao ID: GAO-01-129R November 8, 2000This 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.
RecommendationsOur recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.
Director: Richard J. Hillman Team: Government Accountability Office: Financial Markets and Community Investment Phone: (202) 512-8678