InAuthenticate is a message and data transport technology that offers an alternative to other two-factor authentication methods, such as email and SMS. InAuthenticate can be added to an organization’s mobile app and enables customer authentication for payment authorizations, logging into accounts, bank transfers, account changes, customer acknowledgments or consent. The solution includes malware, root and jailbreak detection and geolocation analysis with encrypted secure messaging.
Under PSD2’s Regulatory Technical Standards (RTS), account and payment service providers must comply with increased security requirements including using Strong Customer Authentication (SCA), when processing payments or providing account-related services. SCA requires that users be authenticated using at least two separate authentication factors, such as:
Knowledge: something they know (a password or PIN code);
Ownership: something they have (a mobile phone); and
Inherence: something they are (biometrics, e.g. fingerprint or iris scan).
Under PSD2, payment services providers are required to have strong customer authentication for online purchases over a certain amount. To verify these transactions, InAuthenticate sends a message about the purchase to the mobile bank app on a customer’s registered, trusted mobile device. Thus, the customer opens and approves or declines the transaction within their bank mobile app.
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