With Two-factor Authentication (2FA), when you perform certain sensitive actions, you need to provide two pieces of evidence to confirm your identity. Usually, it’s something you know, like a password, combined with something you have, such as a unique code sent to your mobile device.
Both TransferMate and its partners implement 2FA to safeguard your financial information and prevent unauthorized access, giving you peace of mind knowing that your account is well protected.
Strong Customer Authentication (SCA), is a regulatory requirement in the European Union. It’s part of the second Payment Services Directive (PSD2) and is designed to enhance the security of online transactions and protect consumers against fraud.
When you make online payments, with SCA you are required to provide at least two out of three authentication factors. Similar to 2FA, these factors are something you know, like a password, something you have, like a mobile device, or something you are, like your fingerprint or other biometric data.
SCA offers extra security in that the code used must be unique and linked to a specific transaction and therefore cannot be reused.
Both TransferMate and its partners implement SCA where required.
More information on SCA in relation to PSD2 can be found in the Regulatory Technical Standards here.
If you would like more on 2FA or SCA and how it applies to TranserMate’s or its partner’s services please contact us.
