Global markets are being severely disrupted by the COVID-19 pandemic. This unprecedented crisis forces businesses to find innovative ways to deal with the negative consequences.
Certain industries are more affected than others by various quarantine measures enforced worldwide.
Only businesses involved in the supply chain for essential commodities are currently operational. The rest of the industries must evaluate their ability to respond to any business unusual. COVID-19 may make it difficult for companies to develop business continuity plans that can meet the changing needs of their customers.
To carry out people’s day-to-day activity in the business sector during this pandemic, they have been using mobile messaging apps to communicate. Since most of workers nowadays work remotely, this has become the new normal. Businesses were also forced to engage more in their digital platform to remain competitive amidst the pandemic. This also means that company owners should address a much stronger digital safety among its target consumers.
Compliance with industry and regulatory requirements is one-way enterprises can achieve this goal. Some of the standards and regulations that entities might need or want to comply with are PSD2, FIDO2, eKYC.
Strong Costumer Authentication
In Europe, the Revised Payment Service Providers Directive 2 (PSD2) requires that payment service providers implement strong customer authentication (SCA). It requires companies to use more than one verification method for their checkout flows.
Online Identity Verification must adhere to the SCA. It must have at least two elements: possession, inherence, and knowledge.
The new Fast Identity Online protocol, also known as FIDO2, is another standard that currently shapes user authentication. This specification allows users to use their mobile devices and biometric authentication online to verify their identity. It addresses issues associated with traditional authentication methods such as passwords.
FIDO2 key passwordless login ensures that users’ login credentials are never lost and never stored on a server. The model eliminates replay attacks and phishing. Its WebAuthn protocol allows companies to maintain transaction security across multiple web services and applications. Companies must receive a FIDO2 certification to ensure that they possess this kind of security.