Payments Council, the organisation that sets strategy for UK payments and Accenture, an Irish technology services and outsourcing company, have launched a new modelling tool to help banks and businesses select authentication technologies for secure customer interactions online.
According to The Payments Council, the tool, which can be loaded onto PC, identifies the best suited authentication option based upon the specified requirements and will help banks and businesses make sense of the sheer variety of customer authentication options on offer.
Richard Martin, business security consultant of the payments council, said: “With now over 60% of adults using the internet and phone for managing finances, it has become a way-of-life for customers looking for convenient, time-saving ways of carrying out their daily tasks. However, just as consumers are increasingly using these channels, so too are the fraudsters.
“Because there is no one-size fits all approach, we’ve developed a tool and detailed roadmap to identify the benefits, strengths and weaknesses of the vast majority of multi-factor authentication solutions available. We envisage our modelling tool continuing to evolve as it takes into account the growing choice of products, as well as the varied input from other industries.”
Floris van den Dool, executive director for the technology consulting security practice at Accenture in Europe, Africa and Latin America, said: “This review reflects comprehensive research and the deep knowledge of experts. We’re confident that the new technology assessment tool and accompanying research will leave banks and businesses better equipped to tackle the security challenges posed by authentication.”