Strong Customer Authentication Solutions

  With the biometric digital signature technology slowly but surely gaining popularity, you may be wondering whether to use it in your business. These signatures holds maximum authenticity as compared to the other types of signatures because the wet signatures can be imitated easily but biometric signature verification becomes superior and leaves no room for imitation. So, what exactly is a biometric digital signature? Biometric signature simply refers to analyzing and recording people’s physical characteristics. These characteristics are encrypted, stored securely and then embedded in the signed document. The biometric data is unique to every individual and therefore is used for identifying an individual and link a particular document or data to him. Biometric digital signatures verify the unique pattern of bodily features, like the retina, fingerprint, iris, or voice, embedded to identity and helps in using it for recognition as well as verification purposes. These signatures ar...

  KYC authentication has become a vital part of getting important services these days, like getting a gas or LPG line or even buying an insurance policy. The main aim of conducting KYC is to verify the identity of clients and examine the probabilities of any illegal wrongdoings. Another reason why almost all major companies and organizations are carrying out KYC is to ensure their distributors, consultants, and agents are bribery-free and are not involved in any unlawful activities. In simple terms, KYC can be understood as an algorithmic and automated verification method that can be leveraged by financial and non-banking financial institutions to accurately verify the identity of a customer. In full, KYC stands for Know Your Client and Know Your Customer, and today more than 80 countries across the world have standing instructions on how as well as why KYC procedures should be leveraged to verify the identity of a customer. The idea behind KYC as a computer driven technology is q...

  We live in an era where companies are seeing an increase in security breaches because of spammers and scammers. If you don’t do something to contain these breaches, they can result in a poor customer experience and lead to a decrease in customer retention, or worse, they could negatively affect your brand and cause legal and financial repercussions. In order to reduce the potential for compromised security, you can consistently using phone verification for verifying phone numbers at every stage of the customer lifecycle, including account creation, transaction authentication, as well as ongoing customer engagement activities. There are various user management best practices where mobile phone verification can increase security and boost customer acquisition and retention. One of them is authenticating registration. When a new user registers for your application, mobile identity verification can help authenticate identity, making sure that the new user is who they claim to be. Fo...

  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...

  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 ...