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Banks were asked which identity and authentication strategies they used, with the majority saying they used multifactorauthentication (84 percent). Banks will need to move beyond passwords and OTPs and add biometrics, device telemetry and customer behavior analytics to keep up with the changing payments landscape.
Scammers have identified that the immediate and irrevocable nature of payments through the P2P apps means that if a consumer can be tricked in payment, they can’t claw it back. Enable multifactorauthentication (MFA), avoiding text or email for one-time passcode sharing whenever possible.
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