Strong Customer Authentication Solutions

  Strong customer authentication (SCA) is a requirement of Europe’s revised Payment Services Directive 2 (PSD2) mandate to increase security and also minimize fraud risk around electronic payments. The aim of PSD2 is to protect consumers, promote banking innovation, and facilitate safer cross-border European payment services. SCA came into effect in 2019. With approval by the EEA, the implementation deadline was pushed to December 31, 2021. Strong customer authentication requires two factor authentication as well as dynamic linking (meaning a clear and unforgeable message to the consumer) to ensure the consumer is fully informed and makes an active decision to authorize a payment transaction. In other words, to be able to successfully process a payment under the new rules, banks are supposed to ask customers for at least two authentication factors, for example a PIN or password entered on their mobile device would constitute two factors, which are knowledge and possession. With a simp

  Choosing a secure cryptocurrency digital wallet that suits your needs can be a challenging task if you are new to the online trading world. A cryptocurrency wallet is a storage method that is used for holding crypto currency. These wallets have the ability to send and receive money and record transactions. They can be software, physical devices, or even paper. It is a good idea to store crypto in a wallet rather than on a crypto exchange to make sure that your digital currency remains yours and untampered with. Digital wallets are software-based cryptocurrency storage tools which represent most types of cryptocurrency wallets, including online, mobile, and desktop wallets. It is good to remember that not all cryptocurrency wallets are digital. There are some people who use paper wallets to store their digital money. Before you choose a wallet, you need to determine if it uses login ID and password technology. To store your cryptocurrency, you need a wallet that supports the digital

  If you are a business person and you are not yet connected to the eKYC portal , you should consider doing so. In full eKYC stands for Electronic Know Your Customer. It is a system that is used for identifying identify and registering users by gathering personal and professional information. It is an extension of the traditional KYC procedure, with the difference being that eKYC can be processed online and is a much easier option for submitting documents and forms. The eKYC system was developed with a view to registering a user without the need for doing a lot of paperwork and documentation. Also, the time that it takes during the physical registration under a traditional KYC is a lot less in the case of eKYC. The eKYC system cuts costs and makes the client authentication process a lot more transparent for banks as well as financial institutions. With this system, it is possible for people to submit essential documents and other information while sitting comfortably in their homes. On

  KYC authentication becoming commonplace these days, you may be wondering if it is something that you can implement in your business. The Know Your Client (KYC) is a process to verify the identity and other credentials of a financial services user. It is a regulatory process of ascertaining the identity and other information of a financial services user. The Know Your Client (KYC) process is very important because it helps against money laundering and prevents the financing of terrorist activities. It is a mandatory process that is required by many countries to ensure that the customers are actually who they are claiming to be. It is very helpful especially in digital onboarding in banking . To be mandated by the law, the Know Your Client (KYC) process also helps the financial institutions in several ways. It helps lenders perform risk assessment by identifying the previous financial history and assets owned, limits fraud that result mainly due to hiding of identity and prevents mone

  If you are not yet using strong customer authentication solutions in your business, you should consider implementing them. Strong authentication is not simply a compliance exercise. It can also be a driver for innovation Strong customer authentication requires two factor authentication and dynamic linking to make sure that the consumer is fully informed and makes an active decision to authorize a payment transaction. In other words, to be able to successfully process a payment under the new rules, banks are supposed to ask the customer for at least two authentication factors - for instance, a PIN or password entered on their mobile device would constitute two factors, namely knowledge and possession. Despite the business opportunities PSD2 has opened, the adoption of strong customer authentication and FIDO2 biometric authentication has been slower than the European authorities would have preferred. This is because implementing strong authentication requires well designed user exper

  There is so much that has been said about how the key to strong customer authentication (SCA) is in the specifics - what to exempt, the iteration of 3D Secure. However, one piece of the puzzle that is crucial to creating a smooth customer experience cannot be ignored, which is the significance of the visa delegated authentication program . To put it simply, the only way that an online merchant can maintain total control of their customer experience under PSD2’s strong customer authentication requirements is by running their ecommerce site with delegated authentication. Strong customer authentication is a very crucial element of the new online transaction regulation PSD2 (payment security directive 2). It is already in effect in most of the European Union and the United Kingdom. PSD2’s regulations are relatively simple - strong customer authentication needs consumer’s identity be authenticated by at least 2 out of 3 methods, namely something the user knows (like a passcode), something