VIEW TRENDING TOPICS:

Open banking requires enhanced security such as Strong Customer Authentication

eW blog article - In general, there are three factors to identify yourself when making an electronic payment: something that you know (such as a PIN code), something that you possess (such as a telephone) and something that you are (such as a physical characteristic). Under PSD2, the Regulatory Technical Standards (RTS) for Strong Customer Authentication (SCA) requires that one’s identity has to be verified by at least two of these three independent options in order to perform a payment. What is SCA and why is it necessary for banks to enhance their security?