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EU's two-factor authentication directive could be profitable

Thursday 17 June 2021 11:40 CET | News

Companies could profit from the EU PSD2 banking directive forcing banks to adopt two-factor authentication for credit and debit card transactions.

The PSD2 directive is designed to offer greater protection for consumers using their credit and debit cards online and offline. It comes into effect as of 14 March 2022.

With this occasion, US-based SmartMetric is continuing the incorporation of its newly invented method for detecting between a live finger and a fake finger when using the SmartMetric biometric credit and debit card. This development was spurred by the requirement of one of the largest payments networks for biometric cards.

This global network recently released its biometric card testing protocols and requirements which amongst other things strongly stipulated that biometric cards must be able to withstand a fingerprint spoofing attack.

The biometric card industry has relied on software to differentiate between live and fake fingerprints. SmartMetric tested what was used generally in the industry and found that it did not meet the testing applied by its engineers. The company thus saw that it needed to create another solution.

The SmartMetric biometric in-the-card technology is used to activate the chip cards’ contact and contactless chips following an instant fingerprint scan on the card. The company is the inventor and manufacturer of electronics that fit inside credit and debit cards, offering a fingerprint biometric platform for the credit card industry.

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Keywords: PSD2, biometric authentication, identity verification
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Europe
This article is part of category

Securing Transactions