Authentic Vision’s Authentication Solution Eases PSD2 Compliance for Financial Institutions And Enhances Security Of Many Financial Transactions
Rapid mobile onboarding and e-commerce are easier and more secure with Authentic Vision’s Authentication Solution
Salzburg, Austria. January 26th, 2021 – Authentic Vision announced a new Holographic Fingerprint™ label designed to help companies meet the stringent requirements outlined in Europe’s Payment Services Directive 2 (PSD2).
The new tag can be integrated into bank card products to enhance authentication and make paying by bank or credit card safer. The new Holographic Fingerprint™ label, part of Authentic Visions mobile onboarding and authentication solution, also enhances the security of several types of mobile and internet banking transactions for both issuers and users.
PSD2 Mandates Enhanced Authentication
The Revised Payment Service Directive (formally known as PSD2, Directive (EU) 2015/2366) was designed to increase pan-European competition in the payments industry and align consumer protection and the responsibilities of payment providers and users. Among its most important elements is the requirement for strong customer authentication across most electronic payments. Authentic Visions mobile onboarding and authentication solution allows for easy integration of robust authentication using their patented Holographic Fingerprint™ label.
Authentic Vision’s Mobile Authentication Solution for Banking & Finance
Authentic Visions mobile onboarding and authentication solution addresses the three most critical use cases for the banking industry:
1) Immediate, secure mobile onboarding and two-factor authentication for banking applications where a user’s account(s) must be positively and securely integrated into the application,
2) issuer use cases including pin and password resets and approval for SEPA transactions, and
3) e-commerce use cases.
Enhanced ease-of-use, convenience and security for consumers
In the past, debit or credit card issuers have relied on less secure, inconvenient and multistep onboarding processes for customer verification. With Authentic Vision’s solution, consumers only scan their card to quickly and securely onboard their mobile device for online or mobile banking. A scan of the card with the authentication app can also fulfill two-factor authentication requirements beyond the simple security of card number and check digits (CVV, CVC or CID) for online transactions.
The Authentic Vision solution allows for transactions to be physically confirmed due to the integration of the label into the credit or debit card. This has the added benefit of protecting users from the dangers of fraudulent transactions leveraging social engineering. “Our solution therefore also makes it possible to contain dangers from the human factor so that fishing attacks, for example, become less promising,” explains Richard Stooss.
Enhanced security and PSD2 compliance for card issuers
Authentic Vision’s mobile onboarding and authentication solution relies on its tested, proven and patented Holographic Fingerprint™ tag. This tag has been utilized across millions of products to assure product authenticity. Now, this secure Holographic Fingerprint™ tag can be easily integrated into debit or credit cards for instant mobile onboarding.
“Our mobile authentication solution has been tried and tested successfully in other industries for years and a first banking project is already being implemented in Europe,” says Richard Stooss. “Our Holographic Fingerprint™ label enables the very easy onboarding of mobile phones as a secure authentication factor using a literally unique holographic code. This is so uniquely created that even we cannot replicate it.”
Each tag has a unique Holographic Fingerprint™ along with an alphanumeric identification number that is far superior to competing technologies. The tags are tamper-proof and can be applied onto a layer of debit or credit cards during manufacturing. Scanning the card with any smartphone using the company’s app authenticates the fingerprint.
Authentic Vision’s authentication app runs on every iOS and Android smartphone and can be customized by issuers. For more information, please visit www.AuthenticVision.com
About Authentic Vision
Authentic Vision provides anti-counterfeiting and authentication technologies designed to protect your organization`s investments in product innovation, brand value and reputation while creating new opportunities to increase trust and engagement with consumers. The company`s unique Holographic Fingerprint™ tag, mobile authentication app and real-time analytics capabilities protect physical assets from counterfeiting and alert brand and product owners to potential fraudulent activity. Their anti-counterfeiting and authentication technologies help to minimize lost revenues and mitigate liability due to counterfeits and create new opportunities to engage with consumers through loyalty programs, incentives and future experiences that bridge the physical and digital. Visit AuthenticVision.com to learn more about their solutions, view case studies, download their consumer app or read the latest insights on how anti-counterfeiting and authentication technologies can help your organization.
Contact
Maria Kraft, Authentic Vision
Tel.: +43676 86862486
Email: maria.kraft@authenticvision.com