When the virus started spreading worldwide, the health sector was not the only industry that got affected. While it took the strongest blow, the economic sector of the world also immensely suffered. The pandemic has fundamentally changed the way customers behave. The multiple lockdowns paved the way for the increase of digital consumerism and engagement.
This has forced many businesses to reshape the way they operate to cater to the growing demands of the public online. These organizations were obliged to improve their systems to ensure that the supply and demand were balanced. On top of that, they also have to guarantee a safe and hassle-free environment for their customers.
While online transactions can be seen as convenient, the quick shift from a traditional setting to online leaves businesses vulnerable to hackers. The increased use of digital platforms magnified the risks of cyberattacks for both organizations and customers. And consumers are very much aware of this vulnerability. This is why they would always go for businesses with robust privacy and security measures. Therefore, if one seeks to maintain their spot in the corporate world, they must address digital safety and security.
There are several ways to strengthen a business’s fraud prevention, and one of those is building a more substantial customer verification. In Europe, they have the Revised Payment Service Provider Directive (PSD2) that requires payment service providers to implement a strong customer authentication (SCA).
Under the SCA, the consumers’ identities must be based on at least two of these elements: inherence, possession, and knowledge. The knowledge factor refers to something that the user knows, such as requiring them to input a password or PIN. For the possession, it needs something the user owns, like a phone or hardware token. Finally, the inherence necessitates something that the user is, such as biometric authentication.
You can empower online trust and your eCommerce fraud prevention by binding strong authentication to a strong identity. But apart from this, there are more ways to successfully comply with the compliance regulations and earn the users’ trust. More of this can be found in this article by LoginID.