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And at the crossroads of the authentication conversations are the challenges financial institutions face when addressing consumerauthentication and how to implement the best practices in order to provide merchants and FIs with sufficient protection against potential fraud. Challenges Of ConsumerAuthentication.
New York-headquartered PAAY, a consumerauthentication innovator co-founded in 2011 by James Ruffer and Yitz Mendlowitz, has a new security solution that aims to obliterate hacking and fraud threats. Cyberattacks have jumped 273 percent in the first quarter of this year over the same period in 2019.
Though there is much that individual firms and the industry as a whole can do to stem the hemorrhage of sensitive data into the hands of cybercriminals – via better encryption, storage and anonymization of data – there is a staggering amount of data already out there from previous breaches that is useful to fraudsters.
Thirty years later, I find their tagline a rather fitting metaphor for the Equifax data breach and the flurry of headlines made by everyone who now wants to take them — and their two credit reporting agency compadres, Experian and TransUnion — out to the regulatory woodshed. I think we all know the answer to that question now.
Prideaux said he’d be exaggerating grossly if he said that his phone suddenly had started ringing off the hook in the last few weeks because people have suddenly seen the light on the changing face of consumerauthentication. The trouble is that those things are not quite invulnerable, Prideaux noted.
That was the crux of a recent digital discussion Karen Webster had with Ken Allen, SVP of operations at Socure , when the two dug into one increasingly evolving, complex topic that’s driving the future of payments and financial services: authenticating the consumer. “There is no silver bullet in this framework.
Among them are the Regulatory Technical Standards (RTS) on Strong ConsumerAuthentication (SCA) and Common and Secure Communication (CSC), which will not see an implementation date until the first half of 2019 at the earliest. Proper Preparation.
Not only are we going to see [fraud] online, we are going to see it in traditional check-based systems, ACH-based systems, and again coupled with data breaches that we know have happened through insurance companies, payroll companies, etc.,” Mobile can serve as a very unique identifier when it comes to consumerauthentication.
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