• Adam McElroy , Director, Cyber Security at KPMG UK


• 09.03.2022 02:15 pm
undisclosed

“Banks have been preparing for a successful launch of Secure Customer Authentication (SCA) since September 2019. Ahead of the next deadline on the 14^th, many financial service providers are now updating their consumer applications and finalising communications to both commercial clients and customers - therefore, we should expect them to be ready to step-up their authentication measures when the deadline arrives.

“I hope that all payment processors banks make a successful and seamless transition to SCA and continue to improve consumer confidence in the digital economy. Recently, financial institutions have been faced with rising fraud rates as well as an intense period of change and uncertainty which has cast doubt in the eyes of the consumer in banks’ ability to keep their assets safe and support them through times of need. But this new added layer of security will put more ownership in the hands of the consumer in terms of sharing their personal verification information, helping to restore that all important trust factor.

“Facilitated through Open Banking, banks are now at the heart of the digital economy – strengthening the connection between a bank and their customers through SCA should engender deeper trust and revitalise people’s confidence in modern banking.”