Strong Customer Authentication Solutions

  Using biometric identity verification is something you should consider if you would like to improve the security of your business systems. Biometrics technology has gained much traction over the past decade and its use and importance continues to grow. The value of biometrically-verified smartphone payments conducted in transactions across the world is expected to exceed $210 billion by next year. This incredible jump is not surprising at all. Even though passwords are helpful in adding a layer of security, they are quite vulnerable when used on their own. Additionally, it can be a constant challenge for businesses as well as their strong customer authentication and maintain passwords. Even then, there is no guarantee your network and computer systems will not be compromised. Two-factor authentication significantly increases protection and biometrics can serve as the second factor. In this era where data breaches can equate to severe legal and financial consequences for any org...

  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 acquisit...

  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 ...

  When it comes to technologies that you should implement in your business in order to improve the security of your systems, strong customer authentication should be considered. Strong authentication confirms user identity safely and reliably, never solely based on shared secrets or symmetric keys like passwords, codes, and recovery questions. Strong authentication assumes that credential phishing and impersonation attacks are inevitable and robustly repels them. Even though multi-factor authentication remains among the best ways to establish who trusted users are, actual strong authentication goes beyond either two-factor authentication or multi-factor authentication. There is still a great deal of confusion surrounding strong authentication. Some sources define it as any authentication method for a user or device that is inherently secure enough to protect the system from cyberattacks while others define it as any form of authentication that achieves verification without passwor...

  Strong customer authentication is one of the technologies that you should embrace in your business if you want to improve the security of your data and business systems. It confirms user identity reliably and safely, never solely based on shared secrets/symmetric keys like passwords, recovery questions and codes. Strong customer authentication assumes that credential phishing and impersonation attacks are inevitable and robustly repels them. Even though multi-factor authentication remains among the best ways to establish who trusted users are, actual strong authentication goes beyond either two-factor authentication or multifactor authentication. When you are implementing multifactor authentication, at a minimum, you follow the National Institute for Standards and Technology (NIST) Assurance Level-2 for admin functions. What this means is that you use two factors: something you know, like a code or password, and something you have, like a push notification or a one-time passcode...

  Strong Customer Authentication is among the core regulations that payment services need to abide by under the new European Revised Payment Service Directive, PSD2.  The rise of open banking and online payments has seen governments implement SCA to reduce fraud, to help secure the transaction of digital payments, and also to protect consumers across digital channels. SCA requires customers to verify their identity before payment transfers can occur online, whether with a financial service, institution, or third-party business. Authentication is important because it provides an extra layer of security for customers as well as payment service providers alike. Since PSD2 simplified payments systems along electronic channels, it opened up banking platforms into a single market. In order to combat the potential fraud found with online services, Strong Customer Authentication forces banks to uphold a standard of security by verifying users before any payments are authorized. Ther...

  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 mu...

  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 ex...

  Investing in fraud prevention is a necessary step if you are a business person. No matter what type business you do or the industry that you are in, you are not entirely free from risk. Therefore, you need to have measures in place to safeguard your business against potential breaches. High volumes of fraud can be damaging to your business, resulting in both losses of revenue as well as reputation. When you partner with an experienced payment service provider (PSP), you will be actively working to prevent fraud, instead of taking a purely reactive approach. It is a good idea to deal with fraud before it happens, not after. When you follow this mentality, you can stop fraud in its tracks and not have to worry about conducting damage control further in future.  There are various tactics designed to detect and prevent fraud, including the daily monitoring of traffic from particular territories and checking declined transactions. As a business person, the most efficient way to ...