The upcoming PSD3/PSR1 regulation introduces stricter requirements for Strong Customer Authentication (SCA). One of the most notable changes is the requirement to provide authentication methods that do not depend on smartphone possession.
European banks are already navigating complex regulatory changes, including PSD3/PSR and the EU Digital Identity Wallet. However, a third less visible but equally urgent challenge looms: Post-quantum cryptography (PQC). While compliance and digital identity projects dominate the conversation, banks must prepare for a cryptographic shift that will define the security of financial services in the next decade.
"Harvest now, decrypt later" has become the phrase on everyone’s lips when discussing post-quantum cryptography. The idea is simple: Adversaries collect encrypted data today and wait for the arrival of quantum computers that can break current encryption methods. But is this really the only threat we should focus on?
Quantum computing is set to revolutionize technology, but it also presents a significant security risk for financial institutions. Czech cybersecurity startup Wultra has raised €3 million from Tensor Ventures, Elevator Ventures, and J&T Ventures to accelerate the development of its post-quantum authentication technology, safeguarding banks and fintech against the coming wave of quantum threats.
In a landmark moment for cyber-security, the U.S. National Institute of Standards and Technology (NIST) officially announced the finalization of its first set of post-quantum cryptography (PQC) standards in August 2024.
By recognizing the strengths of hard and soft tokens for different customer segments, you can deploy future-proof authentication solutions that stay ahead of fraudsters and ensure the safety of your customers.
.webp)
We equip banks and fintech companies with a seamless, quantum-resistant authentication.
