PSD2 strong customer authentication is a method of increasing the security of electronic payments. It uses multi-factor authentication, which confirms that the account used in financial transactions is ours, thus lowering the danger of fraudulent activity on our account. As a result, strong customer authentication soutions are described as authentication based on the employment of two or more components. It could be classified as the knowledge or something only the user knows, a possession which only the user has, and inherence which something only the user possesses, which something the user is. These must be independent of one another, in the sense that a breach of one does not jeopardize the trustworthiness of the others. They must be structured in such a manner that the secrecy of the authentication data is protected. Moreover, authentication data must be kept private.
The use of biometrics is no longer considered science fiction. In addition, there are numerous applications that we will see develop over the next few years, including monitoring access to critical areas, tracking employee presence, combating fraud in the major financial institutions, fingerprints as a payment method in place of traditional point of sale, and even for authentication in call centers. Above all, one of the most important factors influencing the development of biometrics will undoubtedly be their security and the many benefits they provide to businesses. While they are not yet widely used, their adoption by companies may decrease the cost of maintaining authentication systems, more efficient management of working hours, and the facilitation of foreign transactions.
Data has become the new money in the digital age, and we are just now realizing its importance. New degrees of privacy needs the adoption of new regulations, passwords, and security measures. In such a complicated environment, our body has evolved into a distinctive and effective identity. We may not be aware of it, yet we possess characteristics that no other individual has. Our eyes, the geometry of our hands, and even the smell of our bodies may all be utilized as biometric markers. Even the form of your veins may distinguish you from others.
With that, below is an infographic from LOGIN ID that shows a brief history of the biometric technology: