Challenges of Implementing User Authentication in Payments

It is more and more clear that, online fraud and identity theft continue to persist in all areas of the payments environment.

However, one can also observe that, the payments industry stakeholders are deploying numerous initiatives to thwart or mitigate this threat (Fraud, Identity Theft Occurrences). 

The Electronic Funds Transfer Association (EFTA) has released its final white paper in a three-part series on “User Authentication,” which details the benefits and challenges of utilizing user authentication as a component of an overall security strategy.

I can observe that, the white paper delves into certain main areas regarding authentication:

• The needs of key stakeholders for the successful implementation of user authentication;
• Effectiveness of authentication techniques;
• Where industry stakeholders stand in implementing user authentication initiatives;
• Other considerations including stakeholder leadership, know your customer, open standards and regulation.

The white paper is a free resource for the payments industry, and the full report is available here http://efta.org/2016/12/user-authentication-for-payments-part-three/.