There’s a reason passwords, pins, codes and tokens all persist, despite their user experience drawbacks – security always has to be a top priority.
While consumers and employees expect technology to deliver ever-simpler means of going about their business, they also recognize the dangers of online life. As sensitive data becomes ever more ubiquitous, and threats more sophisticated, governmental legislation and customer expectations require a constant balancing act between user experience and transaction protection.
How Transactional Authentication Works
If you get your authentication wrong, people will find something that works for them with minimum friction. Keep this in mind when implementing SCA.
Alasdair Anderson, banking and payments consultant, former Nordea, HSBC executive
Mobile Multi-Factor Authentication
Whether it’s a customer confirming an online purchase, a lawyer needing an important legal document signed with non-repudiation baked in or a financial-trader making multi-million dollar transactions, non-repudiation authentication is a complicated business.
The demands for multiple layers of authentication involve inconvenient and time-consuming hoops through which users must jump, and offer endless opportunities for both malicious attacks and human nature to subvert the process.
VeridiumID offers multi-factor biometric authentication through a user’s own smartphone. No lost, stolen or loaned passwords. Taking advantage of a phone’s native sensors you can now deploy multiple points of authentication through a single, familiar process.
And because some transactions require more scrutiny than others, our step-up options are also completely passwordless, meaning you can be certain that someone is exactly who they say they are.
Better Experience = Better Security
While security is always paramount when making valuable transactions, most users aren’t interested in the details. They assume security is a given across all the products they use.
31% of businesses said that delivering a good user experience was the greatest challenge to meeting PSD2’s SCA requirement.
Deloitte, European PSD2 Survey
In order to really stand out from the crowd, you need to offer security tools that are easy to use and simple to implement. In fact, the better the experience, the more likely people are to use them. As a result, ease-of-use plays a key role in designing a successful security program.
Managing user authentication can have a significant impact on a company’s bottom line.
Resetting passwords and replacing lost tokens cost organizations money. By simplifying the authentication process, you’ll not only find yourself with more productive employees and happier customers, but you’ll actually end up saving money.