The Multifactor Authentication PSD2 Myth: Is MFA/2FA Enough?

Across industry, there is rising pressure to increase revenue and reduce operating costs and losses. In the financial services industry, digital transformation is being driven by the rise of Open Banking and the benefits that aggregators provide to consumers. While these innovations have improved customer experience, they also create a larger attack surface that can be targeted by fraudsters.

To combat this, the European Banking Authority (EBA) has issued the Payments Services Directive 2 (PSD2) to protect consumers through strong customer authentication (SCA) across banks, aggregators, and other financial services providers.

As cybercriminals adapt and attempt to stay ahead of regulations, it is important that consumers are kept secure without creating friction in their access to and use of applications and APIs.