The definition above calls for Multi-Factor Authentication, or 2-Factor Authentication a subset of MFA where only two pieces of information are required.

Strong customer authentication means an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data. WeвЂ™ve touched on it here before, but Strong Customer Authentication (SCA) is a directive put in place by the EUвЂ™s Revised Directive on Payment Services, the Payment Services Directive 2 (PSD2) which stipulates that UK and European companies must adopt multi-factor authentication in order to increase the security of their electronic payments.ДЄs stated in the Directive 2015/2366/EU вЂ“ Article 4 (30): Meaning that many institutions have taken steps to become compliant already, including seeking Finance compliance advice where necessary, and some will take the 18 month grace period that they have been afforded. While the Financial Conduct Authority (FCA) agreed on a plan that allowed for phased implementation in the UK - giving us more time than the EUвЂ™s September 2019 deadline - the agreement still stipulates that UK institutions must-have steps in place to show that they are working toward the end goal of SCA compliance. So far weвЂ™ve seen the likes of HSBC, Co-Operative Bank, Metro Bank, NatWest Bank, and many others jump on board the SMS MFA bandwagon, sending out communications assuring customers that this is the solution to вЂњStrong Customer AuthenticationвЂќ вЂ“ the new regulations which all UK banks must eventually meet. Has your bank informed you of their recent security improvements? UK banks and financial institutions have been announcing the use of SMS Multi-Factor Authentication (MFA) to secure your accounts and financial transactions.

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