February 2020
Intermediate to advanced
256 pages
8h 36m
English
Content preview from The PAYTECH Book
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eKYC: The Next Mountain for e-Businesses to Climb
By Philip Atherton
Chief Risk Officer, SafeCharge
The evolution of payments has brought increased opportunity to consumers and merchants alike. Businesses can reach a global customer base, and customers have increased flexibility in how, when and even where they want to pay. However, in order to ensure that business is conducted ethically and that both merchants and customers stay safe from online fraud attempts, regulations such as PSD2 have paved the way for strong customer authentication (SCA) and 3-D Secure V2.0.
Authentication checks to ensure online payments are secure are undoubtedly vital in today’s digital age, yet remain a complicated process for e-commerce merchants. Furthermore, online regulated industries – such as gaming and Forex – require increased authentication measures, such as electronic know your customer (eKYC), to protect both customer and merchant. Below, I explore the challenges of online customer authentication and show how technology can be used to increase security while maintaining a smooth user experience (UX).
The Difficult Nature of KYC
The need for KYC requirements has long preceded the explosion of e-commerce and regulation. Rooted in financial services, the essence of these requirements is exactly what it says on the tin; it’s the process of verifying the identity of a customer before or during the time they start doing business with an organization.
With the evolution of technology and the ...
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