Strong Customer Authentication Solutions

  FIDO2 is one of the technologies that you should consider deploying in your business if you want to improve the security of your business systems. You can access this technology through the eKYC portal . FIDO2 in full stands for Fast Identity Online. With an added number two at the end, this acronym is based upon previous work that was done by the FIDO Alliance, particularly in terms of developing the Universal 2nd Factor (U2F) authentication standard. It is the third standard to emerge from the FIDO Alliance after the FIDO Universal Second Factor and the FIDO Universal Authentication Framework. FIDO2 was developed to eliminate the use of passwords over the Internet. It was developed to introduce open and license-free standards for secure, worldwide authentication over the Internet. This authentication process eliminates the traditional threats that come with using a login username and password, replacing it with the FIDO2 passwordless login standard. It protects against common ...

  If you are a business person and you are not yet connected to the eKYC portal , you should consider doing so. In full eKYC stands for Electronic Know Your Customer. It is a system that is used for identifying identify and registering users by gathering personal and professional information. It is an extension of the traditional KYC procedure, with the difference being that eKYC can be processed online and is a much easier option for submitting documents and forms. The eKYC system was developed with a view to registering a user without the need for doing a lot of paperwork and documentation. Also, the time that it takes during the physical registration under a traditional KYC is a lot less in the case of eKYC. The eKYC system cuts costs and makes the client authentication process a lot more transparent for banks as well as financial institutions. With this system, it is possible for people to submit essential documents and other information while sitting comfortably in their homes...

  There are many benefits that you can get as a result of getting connected to the eKYC portal . e-KYC utilities can be used solve the current KYC challenge that  is faced by financial institutions. The following are some of the benefits you can realize by accessing an e-KYC utility. First of all, you are going to have a faster client onboarding and improved client experience when you connect to eKYC portal and get FIDO2 certification . With access to the right, up-to-date information, you can reduce the amount of times you need to ask a client for data or documents. You can enjoy faster client onboarding as well as quicker time to revenues by leveraging existing document and data assets more effectively, both internally and externally. eKYC utilities can drive quality at source and provide a more consistent experience to clients and get them ready to transact, save or trade faster, while offering more value-added services. You will also experience significant operational ...

  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...

  If you are a business person and have not yet connected to the eKYC portal , you should consider doing so. Financial firms are connecting to local e-KYC utilities. There are a wide range of benefits that financial institutions can realize by accessing an e-KYC utility. The following are some of the reasons why financial institutions are engaging with a local e-KYC utility. First of all, getting connected to your local eKYC portal will lead to significant operational efficiencies as well as cost savings. eKYC utilities can reduce costs by enabling banks to standardize and automate technology, processes, data as well as the organizational models. They can also harmonize organizations, rationalize systems and reduce duplication and inefficient processes. With the help of an e-KYC utility, financial service firms can expect to avoid repetitive onboarding processes and reviews, because the work has already been done by other service providers. The data is already stored centrally and ...

  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...

  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 ...

  FIDO’s certification programs are very important when it comes to ensuring an interoperable ecosystem of products and services that organizations can leverage to deploy FIDO Authentication solutions worldwide. The FIDO Alliance manages functional certification programs for its core specifications to validate product conformance as well as interoperability, and in addition it has introduced programs for delineating security capabilities of FIDO Certified Authenticators and to test and validate the efficacy of biometric components. FIDO certification brings a lot of benefits to vendors, deploying organizations as well as end users alike.   For vendors, earning the FIDO(R) Certified mark validates to customers the integrity of their product, meaning that the product adheres to the FIDO Specifications and interoperates within the marketplace – for example, a FIDO2 Certified Server can accept any FIDO2 Certified authenticator, regardless of its manufacturer. This certificati...