‘Stronger’ Strong Customer Authentication Boosts Fraud Prevention
According to the Ninth Annual Cost of Cybercrime Study, 79% of business leaders indicate that new business models create technology vulnerabilities faster than they can be secured. Some of the growing threats to company cybersecurity today include fraud, Denial-of-Service (DOS), Man in the Middle, phishing, and password attacks.
Long-tail costs of these attacks include financial losses, declined productivity, legal liability, and business continuity issues. But the business owners are not the only ones affected by these threats. Industries, customers, and the government also suffer directly or indirectly from cybercrimes like data breaches and network intrusions.
This is why regulatory authorities want to implement a minimum safeguard to protect the interests of all stakeholders. One of these is the Revised Payment Services Directive (PSD2). This directive aims to regulate payment services and payment service providers in the EU.
Under this regulation is the requirement for covered services to implement strong customer authentication (SCA). SCA mandates that companies must carry out at least two of the following authentications: verification based on something they know, something they own, and something they are. This means that during payment authentication, users shall input two of the three: (1) password or pin, (2) fingerprint or facial recognition, and (3) phone or security tokens.
In response, companies are on the lookout for delegated authentication that is cost-efficient and effective. One excellent authentication solution in the market today is LoginID. This FIDO2-certified implements WebAuth, CTAP, and W3C specifications to deliver a secure, private authentication for the future – LoginID.
Moreover, it also helps companies achieve smooth transaction processing. This means that while securing the authority of the user, it also enhances the user experience. It is simple, easy to integrate, and delivers a smooth user experience for higher customer conversion
To learn more about implementing a ‘stronger’ SCA for fraud prevention, here is an infographic from LoginID.