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Visa works to promote risk-based authentication approach

Friday 27 May 2016 00:04 CET | News

Visa has revealed its plans of working with banks to promote a risk- based authentication approach where only high-risk transactions will require authentication by means of one-time passwords.

Under these plans, Visa is looking to make online transactions easier by cutting down the use of one-time passwords.

Ooi Huey Tyng, Visas country manager for Singapore and Brunei, said there are growing issues with the authentication method, such as the OTPs arriving late, phones being disabled while travelling, and the system being too complicated for smaller transactions.

She added this new Visa’s approach will improve the experience for cardholders and merchants, while maintaining a level of trust with security.

The approach involves scoring a transaction for risk. Considerations include the transaction amount, regularity of the transaction in question, the location where the transaction is taking place and device information.

According to Visa, the solution has been successfully implemented at banks in UK, France, Australia and the Philippines.


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Keywords: risk-based authentication, one-time password, security, online, transactions , banking, Visa
Categories: Fraud & Financial Crime
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Countries: World
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