Strong Customer Authentication Solutions

  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...

  FIDO Alliance is an open industry association that aims to set authentication standards to help reduce the world’s over-reliance on passwords. FIDO2 is a new standard from the FIDO alliance, which is simply an authentication method that is much safer compared to a password-based system. FIDO2 is also faster and more user friendly compared to the 2nd-factor authentication (2FA) including OTP (One-Time Passcode). Therefore, FIDO2 becomes the technology of choice for passwordless login systems, including hybrid cloud applications, like Microsoft Azure AD. FIDO2 certification programs are a very crucial element when it comes to ensuring an interoperable ecosystem of products and services that companies can leverage to deploy FIDO Authentication solutions all around the world. FIDO Alliance manages functional certification programs for its core specifications to validate product conformance and interoperability. Additionally, it has introduced programs to delineate security capabilit...

  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 ...