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...

  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), somet...

  If you have not yet taken advantage of the Visa Delegated Authentication program in your business, you should consider doing so. The PSD2 regulation allows issuers to delegate authority for authentication to a third-party (such as a merchant or wallet provider). The Visa Delegated Authentication program enables clients and third-parties to choose to allow Visa to manage this delegation process.  By using the biometric identity verification made possible by this program, you can be sure of getting quick and accurate identification and authentication in your business. Use of passwords and codes for security access is pretty straightforward, but generic. Anyone who has a card or pass can gain access. Biometric security technology refers to the biological passcodes that cannot be forged, which means accurate identification and authentication of the specific individual. Iris or facial recognition is more often becoming integrated as part of the security process, because scannin...

  Passwordless authentication is one the technologies that you should be taking advantage of in your business right now if you want to ensure the security of your data and systems. While passwords are still commonly used by many companies to verify a person’s identity, they are the least secure mode of authentication. They can be easily stolen, hacked, or otherwise compromised, which makes them a huge cyber security risk factor. So many businesses these days are adopting passwordless authentication strategies in an effort to reduce this gaping vulnerability. The difference between password and passwordless authentication methods stems from the core types of information that are used in the login process. Password authentication is based on knowledge, meaning that a user must provide something that they know, like an email address, traditional password, or a personal identification number. On the other hand, passwordless authentication is derived from different types of information...

  We live in an era where authentication has matured beyond passwords with the introduction of a wide range of two-factor authentication methods. Most recently, we have the advent of passwordless logins with FIDO WebAuthn , the new global standard for web authentication. FIDO WebAuthn now sets a new bar for user authentication and is considered best in class for protecting user accounts. It is supported in all major browsers and platforms and offers the opportunity for services to easily offer a wide range of strong authentication methods to users, including a passwordless experience. This includes use of security keys or built-in authenticators like biometric readers. There are various reasons why it is a good idea to upgrade to WebAuthn authentication. One of them is the widespread accessibility of this method. One of the key differentiators of FIDO WebAuthn is the widespread acceptance as well as adoption of the technology across major browsers, operating systems as well as devi...

  Biometric identity verification for optimized and secure customer onboarding is trending across various industries all over the world. The deployment of quick and easy-to-use applications for identification, verification, as well as end-to-end digital onboarding, is consumers are expecting from service providers. The following are some of the industries that are the forefront of deploying advanced verification and onboarding technologies. The financial services industry is one of the industries that are benefitting a great deal from biometric identity verification. Banks and other businesses in the financial sector are supposed to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations for years. However, these processes have become synonymous with friction and frustration because institutions have had to increase onboarding security for compliance. Since customers are forced to supply an excess of paper documentation and personal information to open new...

  We are in the digital era where everything is a click away. From customer onboarding to online payments, personal information is considered the most valuable resource in this day and age. Businesses are striving hard to implement processes that can allow users to efficiently perform their tasks in digital space. Identity verification is an emerging market in the digital sphere that is becoming a need for every digital business. With so many identity verification solutions to choose from these days, it can be a challenging task knowing which one is suitable for your business and which one is not. It is imperative that you choose a service-provider that brings transparency and security for the organization. To make it easier for you to choose the right identity verification solution, you need to evaluate your needs. It is a well-understood fact that every use case requires a different level of user authentication as well as security. For example, if your business needs a simple ve...

  Biometric identity verification is one of the technologies that you should consider implementing in your business if you want to ensure the security of your systems. This technology and its uses in modern-day tech as well as digital applications has a number of advantages. The following are some of them. One of the benefits of security with biometrics is that user experience is convenient and fast.  Even though the internal processes for biometric authentication is technical, from the point of view of a user, it is incredibly easy and quick. Putting a finger on a scanner and unlocking an account in seconds is faster compared to typing out a long password that has multiple special characters. Additionally, forgetting a password is a common mistake that most users tend to make. Chances of you forgetting your own biometrics are nil. Another benefit of using biometric identity verification technology in your business is that biometrics are non-transferrable. This technology req...

  With mobile identity verification technology gaining popularity in the business world, you may be wondering if it is something that you can also benefit from your business. Mobile technologies create real opportunities for financial service firms to capitalize on cost-effective and engaging customer acquisition methodologies. The following are some of the benefits of using mobile capture to optimize the omnichannel customer acquisition experience. First of all, mobile identity verification can help reduce friction in the data capture step by extracting data directly from IDs and other documents that are presented by the prospect. Using machine learning, mobile auto capture technology can extract relevant front-side ID information and rear-side barcode scans. Using those documents to reduce data capture friction helps kill two birds with one stone. Another benefit of using mobile identity verification technology is that it helps outsmart faulty Knowledge-Based Authentication with...

  We live in an era where nearly every aspect of our lives is touched by technology, and banks are not left behind. Bank customers expect the system to move from traditional, manual to open the fast and digital account. This is very crucial since the process of attracting new customers is the bank’s first chance to win them over and pave the way for the entire relationship to move forward. There are various benefits of using eKYC in digital onboarding process for banks. The first one is that it is instantaneous. The eKYC service is completely automated online, meaning KYC data can be transferred in real-time without the need for any manual intervention. Unlike the paper-based KYC process that can take days up to weeks to get verified, the eKYC process takes just a few minutes to verify and issue. Another benefit of eKYC in digital onboarding process for banks is reduced failed client acquisition and acquiring new customers. Nowadays, banks are under the pressure to increase their ...

  Digital signature authentication is a technology that you should definitely consider using in your business if you are not yet using it. A digital signature is simply a mathematical scheme that is used for authenticating the sender of an electronic document. It ensures that the document is really from the sender and not from someone else while at the same time making sure that the message that reaches the recipient is the same one sent without any alterations. Digital signature authentication is efficient in legally binding documents since these signatures are difficult to imitate and can be time-stamped. There are various benefits of using digital signatures in your business. The first one is that they can be built into your digital workflows. These signatures use validation to make sure that the sender is the person who signed the document. Ordinarily, this requires the help of a third-party, which might take more time. But modern technology enables users to use digital signat...

  Delegated authentication has a lot of benefits to merchants. This method makes the checkout process in online shops as simple and straightforward as possible for customers, reducing abandoned purchases and improving conversions. If merchants could authenticate their customers themselves, one-click checkout would be easy to implement. If you are looking to try your luck in online business, then you delegated authentication is something that you cannot ignore. The strong trend towards online shopping is going to continue, and a lot of online merchants already know their customers and use various methods to authenticate them. With more and more customers these days using smartphones or tablets for online shopping, it means that you are likely to having a lot of people shopping for your products online. Most mobile devices and most browsers support biometrics, something that facilitates authentication. Merchants using Card on File based on tokenization (card data permanently stored ...

  Whether or not to use passwordless authentication ux is a question that you may be asking yourself right now if you are a business person.  Employees are without doubt one of the fundamental elements of your organization. Yet sadly, most of the security issues arise because of employee negligence and errors. One common mistake made by employees is the use of weak passwords. According to a Verizon report, 81 percent of data breaches occur because of weak, stolen or misused passwords. The good news is that things can be better when you switch to passwordless authentication. There are quite a number of advantages of using passwordless authentication ux in your business. The first one is that it provides protection against phishing attacks. Phishing is said to be one of the most prevalent types of cyber-attacks, comprising more than 80 percent of reported attacks. The attacker will in most cases aim to deceive the users into compromising their login credentials. Since passwordl...

  Are you looking for a good fraud prevention solution to use in your company? In the fight against cyber-crime, selecting the right fraud prevention tool is very essential. Whether you are actively seeking a fraud and risk management solution or you are investigating the other options that are currently available, the following are some tips to help you find the best supplier. First of all, you will need to re-evaluate your existing rules.  There should be rules to setup in real-time and offer complete flexibility. Testing different combinations of rules is very important for analyzing and managing specific areas of risk. With the right system, you can test rules in advance and auto-create lists of known bad trends, which can then be acted upon by your system in the future. This can save you time and money across millions of transactions. It would be good to take the time to review your current provider’s offering, and ask how many rules can be setup in your system. On avera...

  In recent years, the cybersecurity industry has experienced a significant increase in websites losing consumer data to bad actors. There have been many account takeover fraud losses, and leading customer facing companies such as Google have experienced massive data security breaches. With the fundamental loss in consumer trust and millions in lost revenue, it is important for companies to take a second look at their approach to protecting their users. In March 2019, the World Wide Web Consortium (W3C) announced that FIDO WebAuthn is now the official web standard for password-free login. With support from a broad set of applications, widespread adoption of WebAuthn is expected in the coming years. With this new standard, any web application that runs in a browser that supports WebAuthn can now take advantage of these authenticators to securely authenticate users. Mozilla Firefox, Google Chrome, Microsoft Edge, Apple Safari, Opera, and rapid adoption by platforms (such as MSFT Edge w...

  You are probably whether digital signature technology is something that you can benefit from in your business. With this technology, you can optimize your workflow and management processes. A digital signature API will allow you to collect signatures for agreements, deals, and contracts or legal documents directly on your website or product. You can integrate a secure, trusted digital signature API in order to sign documents, request electronic signatures, automate the forms and data, and speed up the signing process. It is also possible to perform multi-factor authentication and download the sealed documents while also tracking the status of the documents in real-time, right from a website or your app. There are various good reasons why using digital signature technology is a good idea. One of the reasons is that it leads to enhanced document security and safety. In the office, your paper documents may not be as secure and safe as you may think. The documents can be stolen, des...

  If you are not yet using digital identity verification in your business, it is something that you should definitely consider giving a try. With the world becoming increasingly digital, it is important that you stay up to date with this trend. To do this, there are many different areas as well as processes to adopt, adapt to, and embrace moving forwards. If you require a high level of security and privacy for your customers, digital identity verification can be an invaluable part of the process. Additionally, this type of verification has extensive and necessary benefits for those who want to implement the technology. So, what exactly is digital identity verification? If you are a business owner and have not yet embraced this aspect of digitalization, you may not be entirely sure what it is or what it involves. Digital identity verification refers to the process of validating who someone is through digital means, for instance through a real-time photo or video. While this sounds ...

  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...

  If you are a business owner, you should consider investing in digital fraud prevention systems to make sure that your data and systems are secure. Artificial intelligence plays a crucial role in successful payments and fraud prevention strategies. Fraud threats are evolving and presenting themselves in unexpected ways especially to the businesses that accept digital payments. You need an advanced solution in order to stay ahead of fraud and reduce revenue losses to fraudulent transactions while maintaining a smooth customer experience in your business. If you make digital sales in your business, you are more vulnerable to fraud that impacts your payments ecosystems. Fraud is has more complex these days and relies on machine learning to execute fraudulent activities and bypass security solutions. The outdated fraud detection systems that only employ rules-based detection as well as basic supervised machine learning are not advanced enough to meet current fraud attempts, and that ...

  Most websites, services, as well as applications have difficulty providing secure, convenient authentication for users, and passwords are usually the problem. While the passwords work in most cases, they tend to be either so simple that they are easily guessed by hackers. The passwords can also be so complex that they are hard for users to remember. All passwords, regardless of their complexity, are vulnerable to phishing and data breaches. The good news is that FIDO WebAuthn, which is a new web authentication standard approved in March 2019 by the World Wide Web Consortium (W3C), has made it easy for websites, services as well as applications to offer strong authentication without relying on passwords. Replacing passwords with strong authentication based on public key cryptography, in which the private key never leaves the user’s device, makes authentication both easier to use and more secure, something that benefits users and service providers alike. The FIDO WebAuthn standard...