The integrity of the payments environment is henceforth indispensable in our ever-connected era where consumers increasingly shop online or use online banking services.
In effect, among daunting concerns, we have identity
theft and account takeover. This inter alia leads to a need to better understanding of user authentication,
defend against fraud.
The Electronic Funds Transfer Association
(EFTA), which works to advance
electronic payments and commerce through responsible federal government
relations released, “User Authentication
for Payments,” a white paper and free resource for the payments industry.
This white paper aims to address the importance of user
authentication for all stakeholders in the payments industry.
One can then observe that, the paper describes the Federal Financial
Institutions Examination Council (FFIEC) guidelines on how a multi-layered,
dynamic and out-of-band authentication provides the best level of protection
against a compromise in the payment transaction while also protecting consumers’
personal data.
The full report is available
at no charge at http://efta.org/2016/07/understanding-payments-authentication/.
It is the first of a three-part series.