A United States federal government agency didn't need to point out the weaknesses of username and password authentication to E~*Trade Financial's CIO Greg Framke. He already knew that such an antiquated method for validating online banking customers falls short in today's era of key-loggers and phishing scams. With limited brick-and-mortar operations, E~*Trade's success depends primarily on the health of its online banking operations. As chief information officer for the company, Framke oversees transactions for more than 4.3 million active online members, and more than 400,000 unique logins light up his servers daily. If users don't trust the security of the site, the business fails.
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