Launching 3D Secure!

[Rika (Scarlet)]

I like Daniel’s Q&A answer for this for the overall context.

Monzo Staff Weekly Q&A - Daniel Chatfield (Backend Engineer - Fincrime & Security)

A large part of my job is essentially reasoning about risk and economic theory. Consumers have a very different view of security – they tend to view it more emotionally, they have some rough sense of security from what they’ve seen that doesn’t always correlate with actual security. For example, customers associate a feeling of security with their existing banks because they are subjected to many security checks. They don’t often consider the recovery flow – a password is only as secure as its …

It’s all in the lead up to PSD2’s Strong Customer Authentication that becomes a requirement in September 2019. You’ll start to see a lot more banks up their game in terms of payment security (including with 3D Secure) and Mastercard has a decent document on it.

Press corner

https://newsroom.mastercard.com/eu/files/2018/02/Security-Matters-Authentication-under-PSD2-and-SCA-Mastercard-White-Paper.pdf

One paragraph of note.

Mastercard is mandating that Issuers offer their customers biometric authentication for Mastercard Identity Check/SecureCode […]. Issuers will have to offer an alternative authentication method for cardholders without a smartphone (e.g., an OTP via SMS).

Remember that you can enable Touch ID/Face ID/Android biometrics for authentication from the settings page of the account tab if it’s available on your device!