Strong Customer Authentication Solutions

  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...

  Implementing digital signature API in your business can benefit you in many different ways. Also known as eSignatures, digital signatures have become popular and various industries are taking advantage of this technology to enhance their business processes. When you embrace digital signature technology in your business, it can help you optimize your workflow and management processes. A digital signature API will enable you to collect signatures for agreements, deals, as well as contracts or legal documents directly on your website or product. You can integrate a secure, trusted eSignature API so as to sign documents, request eSignatures, automate the forms and data, and also speed up the signing process. With this technology, it is also possible to perform multi-factor authentication, and also download the sealed documents while also tracking the status of the docs in real-time, right from a website or your app. So, why exactly do you need to implement digital signature API in y...

  You need to consider using digital signature API in your company if you deal with a large number of physical documents on a daily basis. The digital signatures will not only pave the way to a paperless future, but they will also make your workflow more efficient and increase productivity, and in doing so they will save you time and money. The following are some of the reasons why it is important to implement digital signatures in your business. When you use digital signature API, you can expect fast turnaround. With traditional signatures, employees have to do many steps to sign and return a document received via email. When you start using digital signatures, any type of documents and contracts can get signed with a click of a button. In the end, you can save time since these codes will replace the approval process on paper with a fully digital system which is faster and cheaper. Thanks to digital signature API, documents can be signed off almost instantly, from anywhere using...

  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...

  Strong Customer Authentication (SCA) is a core regulation that payment services need to abide by under the new European Revised Payment Service Directive, PSD2.  With the rise of open banking and online payments, governments implemented this technology 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 an institution, financial service, or third-party business. Authentication offers an extra layer of security for customers as well as payment service providers. Since PSD2 simplified payments systems along electronic channels, it opened up banking platforms into a single market. As a way of combating the potential fraud that is found with online services, Strong Customer Authentication forces banks to uphold a standard of security by verifying users before any payments are authorized. SCA requires that...

  If you are a business owner are looking for ways to make sure that your systems are not compromised, you should consider passwordless authentication . Trying to replicate possessive or biometric factors is a lot harder compared to guessing passwords that people use over and over. And with no credentials to steal, cyberattackers have a much more difficult hill to climb. While so many people use passwords for securing their systems, the problem with them is that they can be easily hacked. You are probably wondering why every company has not yet embraced passwordless authentication with open arms with so much risk inherent in traditional passwords. Well, saying you want to implement passwordless authentication in your business and doing it are two very different things. Below, we look at some of the challenges of passwordless authentication. Besides the cost, there are some security measures that not even passwordless authentication can counteract, not to mention the fact that stake...

  Connecting to the eKYC portal , especially for the people in the financial sector, has a lot of benefits. There are a wide range of benefits that banks and financial institutions can realize by accessing an e-KYC utility. The following are some of them. First of all, engaging with a local eKYC utility can lead to greater regulatory compliance and control.  If you are the Chief Commercial Officer (CCO) in a company or organization, you can rest assured that a KYC record is completed to a group policy standard. By harnessing all client data, documentation and compliance outcomes via a single client view, it is estimated that financial institutions can expect to re-use three-quarters (75%) of their centralized client and counterparty data across all regulatory frameworks, such as tax (FATCA, CRS, 871M), AML/KYC, and OTC Derivative rules (such as EMIR, Dodd-Frank, MiFID II and so on).Therefore, data is more up-to-date and accurate. Another benefit of connecting to the eKYC porta...

  Implementing digital signature API into your business is something that you should consider doing if you want to make your business operations easier. With a digital signature API, your business can collect signatures for agreements, deals, and contracts or legal documents directly on your website or product. You can integrate a secure, trusted eSignature API in order to sign documents, request eSignatures, automate the forms and data, and also speed up the signing process. You can also 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 app. One of the reasons why it is a good idea to implement digital signature APIs into your business processes is the ease and convenience. When engaging with a team or business partners and clients from different corners of the world, document signing involving paperwork can be tasking. For documents to be signed, you may have to travel acros...

  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...

  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 ...

  When it comes to improving the security of your business, one of the things that you should consider is strong customer authentication (SCA). Not only is strong authentication a compliance exercise, but it is also something that can be a driver for innovation. Authentication is simply the process of proving who an individual is and confirming their intention to perform an action, like allowing access to account information or making a payment transfer electronically. Strong customer authentication is a regulatory requirement that is based on the use of two or more of the following elements: knowledge (something only the user knows, like a password), possession (something only the user possesses, like a mobile phone or a code generating device), and inherence (something the user is, like their facial or fingerprint biometric data). Strong customer authentication requires two factor authentication as well as dynamic linking (meaning a clear and unforgeable message to the consumer)...

  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...

  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...

  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...

  With many transactions being conducted online these days, digital wallets are becoming very common.    A digital wallet is a mobile app that stores credit card and bank account information. It can be used to make both online and in-store purchases. Digital wallet eliminate the need to carry a physical wallet full of cash and credit cards to make purchases. They are growing in popularity all over the world because they are easier to use and more secure compared to traditional payment methods. Some are predicting that digital wallets will replace cash and credit cards very soon. A digital wallet may be what you need if you ever get tired of having to dig a credit card out of a wallet or count out cash. This technology is also ideal if you worry about having your information stolen when you swipe a card or not having enough cash on hand. A simple definition of a digital wallet would be an electronic payment system that allows users to securely store credit card and b...

  With digital wallets gaining popularity these days, chances are you are thinking of getting one, or you already have one. Digital wallets have been around for quite a number of years, but the use of these cashless tools are now becoming more widely adopted by retailers. The additional security features that they have offer great peace-of-mind. So how exactly does a digital wallet work and what do you need to get started? Most smartphones that are being sold on the market these days come with a wallet app on them, but there are various other digital wallet apps that you can use based on your preferences. A lot of digital wallets are free to use and enable you to make purchases through your desktop, smart watch or smartphone. Besides ease of use, there are various other reasons to make the switch from plastic to digital wallets. A digital wallet is not just for credit and debit cards as some people tend to think. You can also add tickets, boarding passes, store loyalty cards, and ...

  A lot of people nowadays are using digital wallets to keep their money or transact online.    A digital wallet is simply an electronic version of payment cards and accounts. Since the time when the world was hit with the coronavirus pandemic, mobile payment apps have become very popular. United States users jumped from 38% to 55% of smartphone owners in 2020 because they are more convenient and secure for many consumers. They also help serve an important population, which includes the unbanked and underbanked.  The following are some of the advantages of digital wallets. First of all, digital wallets can help to reduce fraud. The data that is stored in digital wallets is encrypted, meaning your actual card account numbers are not transmitted while making a payment. These wallets use random payment codes that cannot be reused and often rely on certain security features, such as biometrics, to authorize a payment. Moreover, your full card account number is not ...