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Authentication Multifactor Authentication Security 
Bank Automation
MARCH 21, 2024
Financial institutions must prioritize multifactor authentication as hackers take advantage of a lack of identity protection. In 2023, cyberattacks using valid credentials to gain access to user accounts increased 71% from 2022, according to IBM’s 2024 X-Force Threat Intelligence Index.
PYMNTS
NOVEMBER 27, 2020
Overtaxing the royal attention span — that of the consumer — is a mistake, so multifactor authentication (MFA) processes are morphing in various ways to reduce onboarding frictions while maintaining rigorous multifactor authentication (MFA) and other fraud-fighting tools. Taking Authentication To The Streets.
Payments Source
JULY 23, 2018
Multifactor authentication is table stakes in today's breach-heavy environment. Falling short of that standard creates a dangerously high threat, according to David Vergara, head of security product marketing for OneSpan.
VISTA InfoSec
FEBRUARY 25, 2024
This guide makes sensitive cybersecurity concepts approachable to enable smarter decisions in securing your systems against catastrophe. Most data breaches boil down to security failures and human error. Best Practices For Prevention Ultimately, consistent vigilance and proactive security safeguards offer the best breach protections.
223 
Payments Source
FEBRUARY 21, 2021
Without additional security measures, hackers can compromise multifactor authentication and wreak havoc on financial institutions and their customers.
PYMNTS
JULY 10, 2020
Creating secure banking environments without generating undue customer frictions relies on strong front- and back-end approaches to help FIs spot red flags, create login experiences that are harder for bad actors to crack and guide customers on how they can avoid falling victim to ATOs. “We Customer-Centric Authentication.
Payments Source
AUGUST 14, 2017
An encrypted website and secure network aren’t very helpful when customers have been unknowingly routed to a criminal’s lookalike site, writes Simon Thorpe, director of product for Authy at Twilio.
Payments Source
MAY 5, 2016
Multifactor authentication is high on the list of payment security requirements, including new standards from PCI. For any company on the fence on adding stronger authentication, there's plenty of examples of what can go wrong with basic identity management.
PYMNTS
OCTOBER 15, 2020
Secret Double Octopus , which works in passwordless authentication for security online, has secured a strategic investment from SC Ventures, the FinTech and investment arm of international banking group Standard Chartered , a press release says.
The Fintech Times
MARCH 6, 2024
However, as the digital payments ecosystem expands, ensuring the security of customer payment information remains a paramount concern. As a result, our focus remains on combating fraud and enhancing security. Merchants must ensure that the checkout process is quick, efficient, and secure, benefiting all parties involved.
PYMNTS
APRIL 16, 2020
Businesses are doing their part by having employees work from home, but some companies are struggling to keep operations secure as opportunistic fraudsters aim to take advantage of the pandemic’s disruption. The Spice House Secures Supplier Payments With Cloud-Based Payment Portals. To read the Deep Dive, download the Tracker.
52 
PYMNTS
FEBRUARY 18, 2020
This creates new security challenges as firms must learn to centrally manage their fraud protection methods while also gauging threats across many different channels. Banks that earn consumers’ trust by securing their mobile data and transactions will likely see plenty of growth, as 40 percent of U.S. Omnichannel Fraud Protection.
Fintech Finance
MAY 22, 2024
MyTU implements advanced security through custom multifactor authentication, which integrates multiple ECDSA keys with IP and DNS data verification, and utilizes secure timestamps alongside bidirectional out-of-band communication, to ensure the highest standard of security and compliance.
59 
PYMNTS
NOVEMBER 13, 2020
Digital identity solutions have become increasingly widespread in recent years as alternatives or supplements to old-fashioned authentication methods like passwords. Multifactor authentication (MFA) and biometric scans are quickly becoming the norm in numerous fields, including online accounts for banks and other businesses.
PYMNTS
OCTOBER 16, 2020
The October Preventing Financial Crimes Playbook explores the latest financial crime developments, including the growing threat of P2P payment app fraud, evolving customer attitudes surrounding multifactor authentication and biometrics, and recent successes in fraud prevention in the United Kingdom. About The Playbook.
89 
PYMNTS
JUNE 8, 2020
This also allows hackers to bypass in-app authentication procedures because it can be easier to steal API keys — the credentials developers use to build apps that harness APIs — than contend with apps’ biometric or two-factor authentication (2FA) processes.”. That’s changing now.
52 
PYMNTS
AUGUST 24, 2020
To protect businesses, security experts urge anyone who receives such a request to double- and triple-check with whomever made the initial request. The Pandemic's Security Impact. How To Retain Security. One seemingly real enquiry to change bank account details can — and often does — mean millions of dollars lost.
61 
PYMNTS
OCTOBER 8, 2020
Offering seamless sign-up experiences is becoming more difficult, with the health crisis boosting the need for greater security, however, especially as fraudsters attack digital platforms in droves. . Consumers do not expect to have to choose between speed and security, however. Balancing Seamlessness And Security.
83 
PYMNTS
NOVEMBER 16, 2020
“It wasn't necessarily fundamentally that different from the kind of fraud that we've seen in the past, but people and businesses forgot good [ security ] practices because there was such a sense of urgency and the environment.”. Customers are largely willing to accept a little extra friction in the name of security, Kakani noted.
PYMNTS
JUNE 8, 2020
Open banking may soon become table stakes for financial institutions (FIs) — they need to act now and be able to offer it securely or risk getting left behind. FIs therefore cannot afford to drag their feet on implementing open banking, but many may be concerned that third-party access to customer data will exacerbate security challenges.
The Paypers
AUGUST 9, 2017
(The Paypers) Rivetz was announced its collaboration with National Cybersecurity Center of Excellence (NCCoE) on the Multifactor Authentication for e-Commerce project.
PYMNTS
AUGUST 16, 2019
The airline claims that 24[7] fell short of implementing basic security controls like forbidding workers from using the same login credentials or requiring multifactor authentication for employees accessing source code. According to the news outlet, hackers changed the source code of the chatbot via compromised credentials.
84 
PYMNTS
SEPTEMBER 5, 2019
Fraud protection has never been taken lightly by call centers, but the need for stricter authentication is reaching new levels in the face of automated bot attacks and near-daily account takeover (ATO) attempts. Fraud is an ever-evolving space, [so] it’s important, with multifactor authentication, to look at it holistically,” she said.
46 
PYMNTS
DECEMBER 5, 2016
More security. But Choudhury noted another equally important step is improving security for digital transactions. Consumers think because something has a fingerprint scanner on it or a fingerprint sensor and an associated chip device that it’s secure,” said Choudhury. Future developments.
PYMNTS
NOVEMBER 17, 2020
This negative experience is due to a number of factors, including ineffective communication, unclear directions on how to access their devices, and tedious processes when setting up their accounts that often require multiple password entries and multifactor authentication (MFA) setup.
PYMNTS
SEPTEMBER 3, 2020
Security Is Top Of Mind . The rising tide of card-not-present transactions and digital commerce also brings security Issues to top of mind, noted Cole. The transparency and user-friendly nature of apps also mean retailers and merchants will have to shift the ways in which they design and present loyalty programs.
104 
PYMNTS
NOVEMBER 16, 2020
Digital identity has become a crucial part of the telecommunications industry as the proliferation of smartphones and the personal data they hold makes security paramount. Multifactor authentication (MFA) has become commonplace for online accounts, with users confirming their identities via text messages sent to their phones.
71 
PYMNTS
JANUARY 13, 2021
eCommerce consumers said security is important when shopping, and 83 percent said that transparent fraud protection information plays a large role in deciding which eTailer to do business with. Developments F rom The World Of Digital Fraud. A survey found that 92 percent of U.S.
PYMNTS
JULY 9, 2018
As a result, users will have to re-authenticate to the Timehop app. That cloud computing account had not been protected by multifactor authentication, Timehop said in the blog, noting that it has taken steps (including multifactor authentication) to secure authorization and access controls on all accounts.
40 
PYMNTS
SEPTEMBER 5, 2019
One of the biggest changes is that call centers are moving away from knowledge-based authentication (KBA) methods like passwords and PINs and employing methods with multi-factor authentication (MFA). Voice Authentication. Digital communications company Twilio is using AI to make voice prints a form of back-end authentication.
59 
PYMNTS
JANUARY 10, 2019
The headlines surrounding PSD2 trumpet the arrival of open banking – where customers and companies have access to data in one place and can share it with third parties through APIs – but there is also the need for strong customer authentication (SCA). Looking for Exemptions. PSPs have been steadily gathering more information from merchants.
PYMNTS
NOVEMBER 13, 2020
The end of the year marks the deadline for European migration to strong customer authentication ( SCA ), a 15-month extension from the original deadline. So, merchants are as ready, acquirers are ready, according to McLain, and the question mark is whether the issuers are ready.
61 
PYMNTS
SEPTEMBER 14, 2020
The fallout continues to grow, with reports noting its slew of nonprofit and corporate customers have now been exposed to security threats as a result of data stolen in the Blackbaud breach. According to Breach Clarity CEO and Co-founder Jim Van Dyke , this isn't to say that organizations' security investments are failing.
52 
FICO
JANUARY 22, 2020
Banks were asked which identity and authentication strategies they used, with the majority saying they used multifactor authentication (84 percent). Why try to crack a safe when you can walk in the front door?
PYMNTS
SEPTEMBER 4, 2019
How TD Bank Uses Voiceprints to Personalize — and Secure — Call Center Interactions. Mobile app users may have different authentication preferences than those who call the contact center, which could lead to frictions if companies are not prepared. The technology will reportedly scan human hands to ring up purchases.
40 
PYMNTS
JULY 12, 2018
The second Payment Services Directive — known as PSD2 — has come into effect in Europe, with a September 2019 deadline of payment service providers being able to adhere to regulatory technical standards regarding security and functionality. SCA pulls in factors such as ownership (i.e., But what is the state of total PSD2 readiness?
PYMNTS
APRIL 30, 2018
Additionally, the strong customer authentication (SCA) mandated by the second Payment Services Directive (PSD2) goes into effect in September of 2019 — and yes, that too counts as “right around the corner.”. PSD2 sets out the requirements for SCA, an identity verification procedure that leverages multifactor authentication.
PYMNTS
SEPTEMBER 29, 2017
That the Equifax breach will be a major watershed moment in the history of data security, impacting consumers nationwide for years to come, is not a terribly controversial point. It is bad news when the bad guy already had access to much of the data he or she needed to fool standard authentication,” Brown said.
PYMNTS
JANUARY 6, 2017
Criminals are now learning about potential targets and using their lack of security parameters to lull them into providing private information.”. The NYT noted this scam is being tracked by the U.S. government and has been looked into since 2013. The Problem With Passwords.
53 
Stax
FEBRUARY 28, 2024
For best practices, integrate it with your other systems, offer flexible plans for optimized cash flow, and ensure data security compliance to industry standards. Make sure that your SaaS billing platform is fully compliant with PCI DSS security regulations and can securely store credit card data on file via payment tokenization.
Fintech Labs Insights
APRIL 4, 2016
Coinify CTO Hamed Sattari, states, “Using iSignthis’ services, we get a strong customer authentication and a smooth KYC process that ties cards to a specific user. This provides us a secure token that can be used onwards for making instant purchases with extended security and PIN code.”.
14 
Global Fintech & Digital Assets
DECEMBER 11, 2023
Technical Controls The Amendments introduce a number of heightened technical controls, including: Multifactor Authentication: With only very limited exceptions, multifactor authentication (MFA) is now required for “any individual” accessing “any information system” of a covered entity.
Nanonets
SEPTEMBER 12, 2023
Its key features include automated data extraction, real-time processing, data security measures, integration capabilities, and expense and receipts management. Users can create up to 50 different parsers, enable multifactor authentication, and enjoy priority support and parsing access.
52 PYMNTS
AUGUST 7, 2019
Data breaches’ stakes are sky high for corporations, meaning ID security is even more important to the United States federal government. Any lapse in governmental security could have much farther-reaching effects. Providing two of the three is typically sufficient to securely verify identities. .
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