This glossary contains general terms used in the payments industry and should help you demystify the world of payments.
SCA is mandated in PSD2 as a way to make online payments and online banking transactions more secure.
An authentication is considered strong if a shopper is able to provide two out of the following factors:
- Something the shopper has.
- Something the shopper knows.
- Something the shopper is.
For example, a shopper is required to supply a one-time authentication code received on their phone (something the shopper has), and a password that only the shopper knows (something the shopper knows).