Entersekt provides clarity on Secure Remote Commerce authentication techniques for financial institutions

New whitepaper from Mercator available: Revisiting Authentication in the Age of SRC and EMV 3-D Secure

Is it time for a new authentication strategy in light of international mandates for Secure Remote Commerce (SRC) and EMV 3-D Secure? This is the question posed to financial institutions (FIs) in a new Mercator Advisory Group whitepaper entitled Revisiting Authentication in the Age of SRC and EMV 3-D Secure.

The paper, licensed by Entersekt for public distribution, delves into the role SRC and EMV 3-D Secure will play in the European Union’s Strong Customer Authentication (SCA) requirements under the revised Payment Services Directive (PSD2). It finds that now would be the ideal time for FIs to rethink customer authentication strategies, particularly with the deadline for full SCA compliance approaching on the 1^st of January 2021.

“Consumers face an increasingly complex authentication landscape, which can vary greatly depending on the communication channels they use,” said Frans Labuschagne, UK&I country manager at Entersekt. “Multiple authentication techniques create unwanted friction and uncertainty. This paper gives actionable advice to FIs that need to keep security top of mind while also providing a good user experience.”

All card issuers competing for top of wallet will find useful insights in this whitepaper, which states that, “Since it is well recognised that convenience is critical to consumer adoption, it is time for financial institutions to rein in the multiplicity of authentication methods they use to identify account holders and even employees.”

Some of the key findings include:

• The lack of an integrated solution results in an inconsistent user interface.
• Inconsistency not only detracts from a customer’s experience but is likely to disrupt any cross-channel implementation plans an organisation might have.
• A customer who is presented with the same authentication technique for every interaction becomes more familiar with that technique.
• The authentication technique should be implemented on a smartphone, which 89% of UK residents between 16 and 75 already have.
• Consumers increasingly trust smartphone-based biometrics and are growing accustomed to using smart speakers for a range of use cases.

To download the whitepaper in full, please visit: https://bit.ly/3mHpqRM

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