With cyber-crime on the rise, and the implementation deadline under PSD2 for Strong Customer Authentication (SCA) in online payments coming up fast, banks and payment service providers are coming up with some innovative solutions. flow reports on what this means in practice
The rise of digitalisation has brought many benefits – making banking processes faster, more transparent and more efficient. More disturbing, however, is the rise in cases of cyber fraud. As virtual identities have taken on increasing value to people and their businesses, they have become natural targets for criminals – contributing to a growing need to manage the security of online accounts and combat identity theft.
Further detail on the scale of the problem, together with some suggested prevention measures can be found in earlier flow articles such as ‘Your invisible competitor’ by Peter Blackall, and Combating cybercrime by Brendan Goode.
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