Budget Amendment ID: FY2019-S4-29

OTH 29

Multi-factor authentication for financial institutions

Messrs. Tarr, O'Connor and Fattman moved that the proposed new text be amended by inserting, after section __, the following new section:-

Section _. Notwithstanding any special or general law to the contrary, the commissioner of banks shall develop new rules requiring banks and financial institutions operating in the Commonwealth to require all user accounts, as well as customer accounts, to increase their online security by having a multi-factor authentication process.

For the purposes of this section, a multi-factor authentication process is a method by which a user is able to confirm their identity by providing two or more different factors to an authentication mechanism.

The promulgation of such rules shall include, but not be limited to, at least one public hearing.