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.
Authentication via SMS-OTP is considered outdated because of higher overall costs, low user convenience, and insufficient regulatory compliance in specific geographic regions, but primarily for practical security reasons.
Payment scenarios exempt from SCA requirements are generally determined by a transaction’s amount, recurrence, and the channel used to carry out the payment. Let’s take a more detailed look at each of these exemptions and their real-world applications.
In a continuation of our article series on Strong Customer Authentication (SCA), we’ll be examining the requirements for generating a core component of SCA requirements: authentication codes.
The introduction and implementation of SCA has made it clear that certain authentication factors no longer cut it in terms of security. Here’s how your business can benefit from embracing SCA requirements.
Let’s take a moment to think about each of the services that we, as consumers, carry out using a variety of mobile applications. Whether we’re purchasing something online or managing our personal finances, we turn to digital solutions that we access on our mobile devices. The adoption of mobile services isn’t going away anytime soon — in fact, it’s growing at a steady rate. Mobile devices (and the apps on them) have become a central part of our lives, and that’s a fact.
Mobile banking security can be complex. There are a number of important components to consider, and it’s necessary for banks looking to achieve all-around security for their mobile banking applications to implement several important layers.
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