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Are You Ready?

By 2018, the early adopters of PSD2 regulations will become the winners among banks big and small. The contingent of early-adopters will take the cake in 2018. Does your bank have the required security measures in place to offer open banking?


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44% of banks plan to provide open banking in the next 5 years.
 


 


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Strong authentication is a requirement of PSD2. Get familiar with:

PSD2-compliance-multi-factor-authentication

Strong authentication.
Authentication must be based on the use of two or more possible authentication factors, including: passwords or pins, tokens, and/or biometric assets (fingerprint or face scans).


PSD2 Compliance - Transaction Risk Analysisn

Transaction Risk Analysis. 

Mandates the usage of transaction risk analysis (TRA) to prevent, detect and block fraudulent payments. 


PSD2 Compliance - Replication Protection

Replication Protection.
Mandates the use of dedicated mobile app cloning countermeasures in applications, which can include encrypting data using a cryptographic key.


PSD2 Compliance - Dynamic Linking

Dynamic Linking.
In case of a payment transaction, the authentication code must be dynamically linked to the amount and the payee, meaning that this code will change if either the amount or the payee is changed during the transaction.


PSD2 Compliance - Secure Provisioning

Independence of Authentication Elements.
Payment service providers shall adopt security measures to mitigate the risk resulting from compromised mobile phone and tablet devices.

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