The Benefits Of Strong Customer Authentication Solutions

 

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 experience to minimize friction, and striking the balance between strong customer authentication and user experience has proven to be a challenge to some companies.

The most important choice for strong customer authentication is existing electronic IDs such as Bank ID in Sweden, but this may be a reflection of the webinar audience which were largely from the Nordics where eIDs is the most used authentication method. The most important motivation to deploy strong customer authentication remains fraud, reflecting the importance of the industry challenge.

Strong customer authentication solutions offer some fundamental business benefits, and with the right mindset, it can strengthen your business in various ways. With a simple strong authentication process, it is possible to take the customer from mere interest in your service or products, to settling a payment in only a few minutes. Using new services becomes easier with this technology.

For more information on the benefits of strong customer authentication solutions, visit our website at https://loginid.io/

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