Future-proof Security
October 05, 2021
In what now feels like a lifetime ago, traditional mobile phones were once predominantly used as the 2nd factor for authentication. People did their payments using a PC web browser, then authenticated the transaction using a one-time code received as a text message. Back then, this was reasonably safe. But today, hackers are way savvier and text messages are incredibly susceptible to being intercepted and read by malware.
While security and fraud rates have improved with our move away from text messages, there are still market and regulatory forces which create challenges for the future, including Europe's move towards instant payments, and smartphones without security updates. While the continuous battle between criminals and security vendors might make the situation look bleak, there are a few actions payment service providers can take. Here are five recommendations for future-proofing your security:
1. Set the scope of what you need to protect.
2. Let requirements drive technology.
3. Choose reusable technology.
4. Don’t let compliance make you complacent.
5. Choose vendors that have a strong security focus.
Read the full article on future-proof security over on okaythis.com/blog.
Okay is the fully PSD2 compliant Strong Customer Authentication platform that provides transaction and authentication security to apps, shielding the entire authentication process from any threats. We help all issuers, remittance services, and e-wallet providers comply with PSD2's SCA requirements to deliver multiple authentication methods, including biometrics and strong security mechanisms at the point of transaction.