The Benefits of Strong Customer Authentication Solutions

 

When it comes to ensuring the security of your business systems, one of the technologies you should consider implementing in your business is strong customer authentication. Strong authentication confirms user identity reliably and safely, never solely based on shared secrets/symmetric keys like passwords, codes, and recovery questions. This technology assumes credential phishing and impersonation attacks are inevitable and robustly repels them. Even though multi-factor authentication is still among the best ways to establish who trusted users are, actual strong authentication goes beyond either two-factor authentication or multi factor authentication.

Strong customer authentication solutions           offer some fundamental business benefits, and with the right mindset, they can strengthen the business in various ways. One of the ways that this technology 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.

With strong customer authentication, using new services become easier – such as top-up and pre-paid credit cards, self-service management of geographical limits and merchant or transaction specific credit cards, special offers, spending analytics, and more. All these services require strong customer authentication to be set-up and used. With a poor and cumbersome SCA (like SMS+OTP + password), the use of new and innovative services like the ones mentioned above is much harder.

SCA can also ensure increase security for customers. For the consumers, this technology is a lock with a secure key to protect their 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. When well implemented, SCA provides the opportunity to become card number 1.

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

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