Fraudsters implement various deceitful methods, including phishing, card skimming, and man-in-the-middle attacks. In addition to exploiting data breaches or the dark web to acquire a customer’s sensitive information, such as card numbers, expiration dates, CVV codes, and personal identification information. Armed with this information, they can engage in CNP fraud.
Numerous financial institutions (FIs) worldwide now implement multi-factor authentication (MFA) or strong customer authentication (SCA) solutions to reduce instances of online card payment fraud. However, merely fulfilling security requirements or adhering to local regulations is one aspect, while optimizing fraud detection is another.
By integrating BioCatch's Inherence Analysis for SCA, you can enhance your existing multi-factor and compliant solution by incorporating an additional layer that evaluates how users input sensitive information like one-time passwords (OTPs) and passcodes. This assessment helps identify whether the user exhibits patterns typical of a fraudster using stolen details or a legitimate customer utilizing their card for an online purchase. By supplementing your existing knowledge and possession checks, this approach elevates your defenses against online card fraud to the next level.
Comply and Thrive in a PSD2 World
Explore the report from Goode Intelligence that delves into the impact of PSD2 Strong Customer Authentication (SCA) on payment fraud rates, alongside other consequences it has brought.
Discover how SCA compliance has influenced customer experience, transaction declines, and abandonment, and learn strategies to not only comply but also flourish in a post-PSD2 era.