In this environment, becoming an Account Information Service Provider (AISPs) or Payment Initiation Service Provider (PISPs) is vital, because owning customer relationships is the new path to profitability. The key is being first to provide trusted identities customers need to conduct secure transactions. Our Authentication platform makes it easy to provide those trusted identities.
While there are some things that simply require compliance (making data available and delivering on SCA), banks looking to capitalize on PSD2 and open banking must decide how to position themselves in the market to offer a comprehensive solution to their customers. These are three of the options. Each requires trusted identity:
A Foundation for PSD2 Compliance.
A key PSD2 requirement is Strong Customer Authentication (SCA). Because usernames and passwords don't provide sufficient security, the new directive calls for two-factor authentication for all electronic transactions. Our authentication solutions help you enable your PSD2 requirements – and they ensure a transparent and frictionless user experience.
Two-Factor Authentication (2FA)
The use of two independent authentication methods is mandated. If one of the methods involves a smart phone or other mobile device, security measures are required to ensure that the device being used has not been compromised. Entrust Datacard offers the widest range of authenticators, so you can offer your customers the one that that works best for them.
Transaction Monitoring & Fraud Protection
PSD2 mentions the need for transaction monitoring software that analyzes risk as transactions are taking place. Our solutions — including Entrust™ Transaction Guard — enable fraud prevention tools with adaptive capabilities. Factors such as payment amounts, known fraud scenarios, payer/payee locations and device reputation are used to allow, challenge or stop transactions.
Hackers have learned to insert themselves into the middle of legitimate electronic transactions after they’ve been initiated — which has created the need for dynamic linking. Entrust Datacard solutions link authentication codes to specific transaction amounts and payees. If either the amount or the payee changes during a transaction, a new code is issued. Our solution — which can feature OTP codes, mobile push notifications or other authenticators — also provides highly secure transactions.
Runtime Application Self-Protection (RASP)
The proliferation of mobile payment apps creates new opportunities for hackers. RASP is a suggested protocol for detecting anomalous app behavior and blocking the app from executing any further operations. Our RASP solution hardens the mobile app code and allows it to defend itself at runtime. This safeguards against hacking and reverse engineering. Also, with our Entrust IdentityGuard client-side software, the apps or SDKs act only on requests from the server. If a fraudulent entity tries to fool the app into signing a transaction, the transaction verification fails.
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Experienced security professionals in corporations, banks and government agencies know the name IdentityGuard and trust it to protect and enable what matters to them.