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Single Online Sign-on for Owners and/or Signers

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Question: 
What are the risks of linking owners and/or authorized signers to a single sign-on within the online banking application? In other words, if a customer is the owner of business #1 and an authorized signer on business #2, what are the risks to the bank if these accounts are both available using a single online banking sign on?
Answer: 

The risks are what you suspect they are. The individual could transfer funds between the accounts without traditional audit trails (paper checks). Banks have traditionally considered such arrangements as lacking appropriate controls. Whether that reluctance will survive, given increased use of online banking tools, is a matter of some concern.

First published on BankersOnline.com 9/24/07

First published on 09/24/2007

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