The recent consultation paper set forth by the European Banking Association (EBA) surrounding the call for comments on the regulatory technical requirements for strong customer authentication under PSD2 has created a buzz. In particular, while the EBA recognizes the “merit” of transaction risk analysis, it has called into question the ability to allow it “as a specific exemption” for the strong customer authentication requirements. This is based on the EBA’s problem of technically defining what transaction risk analysis is, and how transaction risk analysis works within the framework of fair competition between the banks and third party payment and account information service providers. This is quite remarkable and leads me to believe that perhaps there is a misconception about what transaction risk analysis really means. While I can’t speak for other vendors, I can say that RSA has been perfecting risk-based authentication and “transaction risk analysis” for over a decade. The merits are evident in the fact that 15 of the Top 20 global banks have adopted RSA’s risk-based authentication technology for their fraud detection platform to protect consumer and business payments and transactions across both the Web and mobile channels. In addition, the Top 20 U.S. banks currently use risk-based authentication to meet the transaction risk analysis requirements set forth by the US-based FFIEC Guidance. It is important to note that risk-based authentication is almost always deployed as part of a layered fraud prevention strategy. The risk analysis serves as the decision engine to determine whether the transaction is low-risk and can continue without interruption to the consumer or whether too many flags have been raised and the transaction must be challenged. This decisioning process is accomplished by RSA measuring over 100 fraud indicators and predictors gathered from a specific event such as the associated IP address, the device,…
There are a number of base blockchain platforms that are important in the payments sphere, with the three leading players being Bitcoin, Ethereum and Ripple. These are the base development platforms, rather than a payments service per se, and choosing which to use is intriguing as they all offer something different. Bearing in mind that …
After yesterday’s blog generally about blockchain use case implications in Clearing and Settlement markets, here are the six companies I see as being at the forefront of changing the game: Digital Asset, SETL, tO, Clearmatics, Symbiont and itBit. Digital Asset Digital Asset – also known as Digital Asset Holdings (DAH) – is the most notable …
Some financial companies are leery of betting on an early-stage technology such as artificial intelligence for important jobs like combating account thefts, but PayPal says it works especially in rooting out false alarms.
OfferUp and Letgo are surging in popularity among people looking to buy and sell everything from used clothes to used cars through their smartphones. And deep-pocketed investors are paying up for stakes.
After a great deal of speculation, Visa and PayPal (or is it PayPal and Visa?) have announced a partnership where the two companies will “collaborate to accelerate the adoption of digital payments.” The announcement, which was actually more detailed than
It’s true – I struggle to imagine a way we would have convinced Visa, our processing partner and gateway partner (both very large publicly traded entities), the bank, and our investors that this should exist without your support.
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