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Internet and mobile banking are on an upsurge in recent years. Many financial institutes are facing a grave challenge to provide an efficient identity verification solution. Online retail sales reached a record $2.48 trillion in 2018, which puts an added responsibility on business owners, payment providers, and card issuers to provide ample security for online transactions. Given below are some of the ways which can ensure optimum protection for online transactions:
3D secure 2 (3DS2): The 3D in 3DS2 stands for the three domains of online payment which are issuer domain, acquirer domain, and the interoperability domain. It is the second version of the 3D secure protocol which addresses most of the security concerns of online payment systems. The 3DS2 protocol handles cart abandonment and mobile inconveniences, which was a major shortcoming of its predecessor. The platform also offers liability shift from the merchant to the issuer in case of chargebacks.
Behavioral Analytics: behavioral analytics offers efficient fraud detection solutions. Behavioral analytics tool use databases of thousands of unique data points to detect fraud. The tools build user profiles for each customer which helps to identify any abnormal behavior.
Biometric Authentication: Biometric authentication is regarded as one of the most effective standalone authentication measures. Biometric authentication like fingerprint and retina scans can be done easily using smartphones. It is one the most seamless measures as the customers don’t need to remember any passwords.
Risk-based Authentication: Risk-based authentication is done using big data and machine learning. The authentication starts with the collection of massive volumes of information. Machine learning tools analyze this information to assign a risk score to every transaction. Many factors are responsible for risk-based authentication such as, continually changing IP address, abnormally large purchase, and so on.
Many companies have been venturing into offering efficient authentication tools due to the high demand. An enterprise should choose an authentication tool based on their requirement after careful deliberation.