Join Finextra, in association with Jumio to hear experts discuss the challenges – and opportunities – of SCA and SCeID.
One of the key requirements of the revised Payment Services Directive (PSD2) is that banks must add two-factor Strong Customer Authentication (SCA) for all remote access to customer accounts.
This means that when authentication is required, two of three factors will be applied: something the customer is, something the customer has and something the customer knows. Clearly, identity verification will be critical as part of this, and when customers forget or lose a key component, banks will need to ask them to re-identify themselves.
Indeed, PSD2 also requires banks to perform a Strong Customer Identity Verification (SCeID) process on both the initial issuance of authentication credentials – and any subsequent remote re-issuance when credentials are lost.
Both SCA and SCeID are mandated by PSD2, although the latter is not well understood. Failure to implement these capabilities exposes banks to penalties under PSD2 as set by national regulators. However, a failure to implement these capabilities properly may also expose banks to potential loss of sensitive customer data and, under the General Data Protection Regulation (GDPR), this opens up the possibility of fines of up to 2% of global annual turnover.
Join this on demand webinar from Finextra in association with Jumio to hear expert speakers from Jumio, Consult Hyperion and leading banks discuss the challenges – and opportunities – of SCA and SCeID. During an interactive panel discussion, the speakers will address a number of key questions, including:
- How are SCeID and SCA connected?
- How are the various regulatory mandates which require secure authentication and verification, such as PSD2 and GDPR, similar, and how do they differ?
- What are the pitfalls to avoid when implementing SCeID and SCA?
- Why does the reset process become so critical – and how can banks make sure they have robust protections in place around reset?
- What technology solutions can banks leverage to meet their obligations around security and identification?
- Moderator, Gary Wright, Content Director, Finextra
- Robert E. Prigge, Chief Revenue Officer, Jumio
- Tim Richards, Principal Consultant, Consult Hyperion
- David Malley, Senior Payments Consultant, NatWest
- John Mountain, CIO, Starling Bank
Register today to participate and find out what banks need to do in the areas of SCeID and SCA, and how they can leverage technology to help them.