Things To Know About Strong Customer Authentication

 

A great number of customers who have victims of fraud were not aware of it until it was too late. Card details can be easily compromised. Haven’t we all willingly given our card numbers over the phone to order a takeaway or entered them into an unknown site when registering for the first time? A rapid rise in online fraud together with a demand for better online security from consumers as well as retailers alike has finally led to the introduction of strong customer authentication (SCA).

Strong customer authentication is the process of ensuring that the person who is making a purchase online is, in fact, the real cardholder. Even though there are many online payment risks, the good news is that there are ways to decrease your chances of being a victim. Before a transaction is approved, the customer needs to prove that they are the cardholder by the use of two or more elements that are categorized as knowledge (something only the user knows or password), possession (something only in the possession of the user or mobile phone), and inheritance (something inherently unique to the user or fingerprint/biometric ID).

The three elements are independent of one another, so a breach of one will not compromise the reliability of the other. Knowledge refers to a pop-up message from your customers issuing bank which asks your customer to submit a password, PIN, or secret answer known only to them in order to complete the purchase. The issuing bank will send a unique password to the customer’s phone that they must then enter in order for the purchase to go through. It could also be a token, smartwatch, or smartcard. Inheritance is something unique to every individual. It could be their fingerprints, facial recognition, voice recognition, or DNA signature that confirms the payment to the bank.

With strong customer authentication, it is only when at least 2 of the above are used can the payment go through. This leads to less online fraud, fewer chargebacks, less abandoned carts and increased customer confidence.

For more information on strong customer authentication¸ visit our website at https://loginid.io/

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