New EU Regulation Requiring Payments Of More Than €30 Will Require Multifactor Authentication

In light of the news from the EU that will mean payments of over €30 will require multifactor authentication, please see the below comments from Brett Beranek, General Manager, Security Line of Business, Nuance Enterprise Division.

Brett Beranek, General Manager, Security Line of Business at Nuance Enterprise Division:

“Fraud is a force to be reckoned with and any laissez-faire approach to security is putting all of us at risk – including consumers, businesses and financial institutions alike. As is the case, for more than 15 years, Nuance has been a major proponent in encouraging organisations worldwide – from major global brands to government entities – to adopt multi-factor authentication processes as vehicles for protecting themselves and their customers.

The EU taking such a strong stance on this significant issue, and taking this major step forward in making this process a requirement points to what we believe at Nuance – the days of knowledge-based PINs and passwords alone are behind us. We believe that this type of regulation will be able to considerably curb the high levels of fraud that are impacting individuals in the EU and will be of great benefit.”

On Biometrics Technologies:

“Since the beginning, with our enterprise customers, we have proactively taken the approach of ‘It’s not a matter of if someone is going to try to hack your organisation, it’s a matter of when.’ Because of this we have been on the cutting-edge in bringing the latest biometrics technologies to market, and continue to work with major global brands, financial institutions and Fortune 500 companies to provide the necessary biometric authentication needed to fight against the fraudsters of the future.

We continue to push organisations to adopt multifactor authentication, which can confirm an identity using multiple technologies, such as voice biometrics (to authenticate a voice print) and behavioral biometrics (to perform swiping and typing analysis as a means to confirm an identity). We believe that these types of security mechanisms are extremely critical in today’s online and mobile commerce environment. In addition, since biometrics technologies uniquely balance security and convenience, we believe their use will continue to gain significant momentum not just in the EU but worldwide.”

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