PSD2: Are You Ready for Strong Customer Authentication?
The EU Payments Services Directive (PSD2) contains requirements related to Strong Customer Authentication (SCA). Financial institutions must comply with these requirements by September 2019. However, specific Payment Service Providers (PSPs) could qualify for an exceptional extension in the context of card payments for e-commerce according to a recent EBA Opinion.
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Compliance Criteria
Five security criteria that must be fulfilled to achieve PSD2 compliance
Strong Authentication
Authentication must be based on two or more factors, including passwords or PIN, tokens or mobile devices, or biometrics
Transaction Risk Analysis
Mandates the use of transaction risk analysis to deter fraudulent payments
Replication Protection
PSD2 mandates the use of dedicated mobile app cloning counter-measures in applications
Dynamic Linking
For payment transactions, the authentication code must be dynamically linked to both the amount and payee
Independent Elements
Payment service providers must adopt security measures to mitigate the risk resulting from compromised mobile devices
Customer Use Case
Learn how the Bank of Cyprus implemented software authentication and transaction-specific one-time passcodes (OTP) to comply with the revised Payment Services Directive (PSD2).
Our Capabilities
Customizable options to meet all your PSD2 compliance needs
Adaptive Authentication
Intelligent authentication solution designed to drive growth by improving the customer experience and reducing fraud
Authentication Software
Extensive authentication software solution suite includes leading biometric, OOB options for frictionless mobile authentication
Mobile App Security
Mitigate malicious attacks and reduce exposure to fraud with our mobile app security solutions, as required by PSD2
Authentication Hardware
Digipass® two factor authenticator tokens deliver strong, cost-effective security
Risk Analytics
Sophisticated risk analytics engine leveraging machine learning to better detect fraud in real time
Customer Use Case
Learn how Raiffeisen Italy implemented mobile authentication & mobile app shielding for PSD2 compliance and ease of use.
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The information on this site is for informational purposes only and does not constitute legal advice. We recommend that you seek independent professional advice. OneSpan does not accept liability for the contents of these materials.