FICO

JANUARY 22, 2020

Banks were asked which identity and authentication strategies they used, with the majority saying they used multifactor authentication (84 percent). Banks will need to move beyond passwords and OTPs and add biometrics, device telemetry and customer behavior analytics to keep up with the changing payments landscape.

Real Time Payments 52

Real Time Payments APACS Multifactor Authentication Account Takeovers 52

FICO

NOVEMBER 7, 2022

Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible. Putting enterprise fraud technology in place that can pick out abnormal consumer behaviors, like making a payment from a new device or to a never-before-seen payee, is one good way to fight the proliferation of scams.

Scams 52

Scams Authorization P2P Zelle 52

The Payments Association

JANUARY 14, 2025

The introduction of strong customer authentication (SCA) was intended to enhance safety by requiring multifactor authentication for transactions. “For example, by sharing fraud risk insights for payers and payees, we can generate and embed intelligence earlier in the transaction process to pre-empt fraud.”

Fraud Prevention 88

Fraud Prevention Financial Crimes Crime Participant 88