Aspect
Aspect

Protecting customers from payment fraud.
Aspect Verify®

Aspect
Aspect

PSD2:
Fighting fraud and embracing open banking

PSD2 – Effectively actioning Secure Customer Authentication

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What is it?

The EU Payments Services Directive (PSD2) brings new laws aimed at enhancing consumer rights and preventing online fraud. Banks and payment merchants must comply by 14 September 2019.

What is Strong Customer Authentication (SCA)?

A key element of PSD2 is additional security authentication for online transactions over £30, known as Strong Customer Authentication (SCA). After Sept 2019, customers will not be able to checkout online using just their details, they must also give another form of identification.

How we can help you fight fraud

SCA is crucial to protecting customers from fraud, but this shouldn’t impact your brand’s customer experience. Our fraud prevention solution, Aspect Verify™, protects your customers through intelligent, omni-channel, multi-factor authentication by securely handling sensitive customer information and keeping you constantly informed of potential threats.

This creates a trusted relationship and seamless customer experience, allowing you to operate responsibly and spend less time investigating false positives and more time on the customer experience.

If you’d like to speak to our team, please email us or call us on 0208 018 8100

Here’s a brief overview of how digital identity fraud typically occurs...

Social Engineering

Obtaining personal information via phishing, smishing or stealing physical documentation.

INTERCEPTION

Compromising two factor authentication or enterprise engagement with techniques such as Sim Swap or Malware.

COMPROMISE

High value transactions are completed by a fraudster, such as online bank transfers or mobile payments.

Financial institutions must find better ways to manage and resolve fraudulent activity. The challenge is to maintain a seamless and frictionless consumer experience.

150,010,264

...transactions secured by Aspect Verify®

In Retail, m-commerce is expected to grow by 100% this year alone
70% of compaines reported suffering at least one type of fraud

How Aspect Verify® can help protect your customers from payment fraud

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Aspect Verify® will detect redirected calls.

It is incredibly powerful, indicating if fraudulent activity is about to take place during authentication of accounts on a mobile phone.

Highly sophisticated – it can even work offline.

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Criminals capture customer credentials via Trojan or phishing.

Obtain duplicate SIM card.

Fraudster is now able to intercept communications, purchasing goods or collecting items.

SIM Swaps are detected using Aspect Verify.

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An unfamiliar location will draw further attention to a potential fraudulent activity.

Aspect Verify® is able to confirm the location of a mobile device, whether country or more granular.

This information helps build a multi-layer authentication view helping to reduce fraud and false positives, leading to a better customer experience.

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Use SMS or Voice to ensure a true omni-channel passcode interaction.

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Voice biometrics supports our frictionless authentication and creation of trust, using voice profiling alongside the number in use.

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Mobile KYC includes comparison of the name and address registered against a user's mobile account. It can also include age verification, contract type; and accout status.

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The F.I.P is a data construct to support behavioural understanding. The F.I.P utilises the insight patterns underpinning the data and evolves to the threat landscape.

Resource Centre

Data Sheet

Aspect Verify® Data Sheet

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Data Sheet

Fraud Indicator Profile

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Case Study

British Retail and Commercial Bank Case Study

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Data Sheet

Location Verification Data Sheet

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