How Strong Customer Authentication Can Strengthen Your Business

 

When it comes to the technologies that you can use to improve the security of your business, Strong Customer Authentication (SCA) is one of the things you should consider. This technology offers some fundamental business benefits, and with the right mindset, it can strengthen your business through the following.

One of the ways that Strong Customer Authentication can strengthen your business is through innovation and customer acquisition. With a simple SCA process, you can take the customer from mere interest in your service or products to settling a payment in only a few minutes. SCA will make using new services a lot easier, such as top-up and pre-paid credit cards, spending analytics, self-service management of geographical limits and merchant or transaction specific credit cards, special offers, and more. All these services require SCA to be set-up and used. However, with a poor and cumbersome SCA, such as SMS+OTP + password, the use of new and innovative services will be much harder.

Another way that SCA can strengthen your business is by providing increased security for consumers. SCA is a lock with a secure key to protect consumers’ money. Getting a lock with a secure and easy to use key establishes trust with the consumers. The easiest and most secure key gets most used, where well implemented Strong Customer Authentication provides the opportunity to become card number 1.

For society, Strong Customer Authentication combats human trafficking, money laundering, and terrorism by making access to money more difficult for illegal uses. Moreover, this technology is an equalizer – combined with digital identity verification, it can enable everyone who has a mobile phone access to money and accounts with adapted access levels for refugees and other hard-to-serve consumer groups.

For more information on how Strong Customer Authentication can strengthen your business, visit our website at https://loginid.io/

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