A Look At Strong Customer Authentication And How It Can Be Useful To Your Business

 

When it comes to the things to that you can do in order to make sure that your business or company is secure, one of the things that you should definitely consider is Strong Customer Authentication (SCA). Contrary to what some people think, strong authentication is not simply a compliance exercise, but it can also be a driver for innovation. Authentication refers to the process of proving who a person is and confirming their intention to perform an action, such as allowing access to account information or making a payment transfer electronically.

So, exactly what constitutes SCA and why it is so hard to deliver? This authentication technique requires two factor authentication as well as dynamic linking to ensure the consumer is fully informed and makes an active decision to authorize a payment transaction. In other words, to successfully process a payment under the new rules, banks and financial service firms needs to ask customers for at least two authentication factors. For example, a PIN or password entered on their mobile device would constitute two factors, namely knowledge and possession.

Even though the Payment Services Directive 2 (PSD2) that SCA is linked to opened many business opportunities, the adoption of SCA has been slower than the European authorities would have preferred. This is because implementing Strong Customer Authentication requires well-designed user experience to minimize friction, and striking the balance between SCA and UX has proven to be a challenge to some organizations. However, there exist exceptions where Strong Customer Authentication is not required, in particular for regular subscriptions and transaction values less than EUR30.

For more information on Strong Customer Authentication and how it can be useful to your business, visit our website at https://loginid.io/

Comments

Post a Comment

Popular posts from this blog

The Benefits of implementing Digital Identity Verification in your Business

Image
  If you are not yet using digital identity verification in your business, it is something that you should definitely consider giving a try. With the world becoming increasingly digital, it is important that you stay up to date with this trend. To do this, there are many different areas as well as processes to adopt, adapt to, and embrace moving forwards. If you require a high level of security and privacy for your customers, digital identity verification can be an invaluable part of the process. Additionally, this type of verification has extensive and necessary benefits for those who want to implement the technology. So, what exactly is digital identity verification? If you are a business owner and have not yet embraced this aspect of digitalization, you may not be entirely sure what it is or what it involves. Digital identity verification refers to the process of validating who someone is through digital means, for instance through a real-time photo or video. While this sounds simp
Read more

The Benefits of Digital Identity Verification

Image
  No matter the type of business you have, digital identity verification is something that you can benefit greatly from. Just like its human counterpart, a digital identity is made up of data attributes or characteristics, with examples including purchasing behavior or history, social security number, medical history, date of birth, online search activities, such as electronic transactions, and password and username. A digital identity is linked to one or several digital identifiers, like a URL, a domain name, or email address.  As identity theft is rampant on the internet these days, digital identity validation and authentication measures are vital in terms of ensuring network and web infrastructure security in the private and public sectors. Identity verification tools and FIDO webauthn are designed to help businesses understand who their users are in reality. After all, creating fake identities online has become so easy these days, and so it is vital to make sure that a person is w
Read more

The Benefits of Digital Signature Authentication

Image
  Digital signature authentication is a technology that you should definitely consider using in your business if you are not yet using it. A digital signature is simply a mathematical scheme that is used for authenticating the sender of an electronic document. It ensures that the document is really from the sender and not from someone else while at the same time making sure that the message that reaches the recipient is the same one sent without any alterations. Digital signature authentication is efficient in legally binding documents since these signatures are difficult to imitate and can be time-stamped. There are various benefits of using digital signatures in your business. The first one is that they can be built into your digital workflows. These signatures use validation to make sure that the sender is the person who signed the document. Ordinarily, this requires the help of a third-party, which might take more time. But modern technology enables users to use digital signatures
Read more