This Forbes article provides a list of issues that indicate the importance of re-thinking your authentication strategy, which is important. It does not explain the payment network initiatives, such as EMV 3D Secure, that define the architectural approach that should be taken.
This was explained in the Mercator publication, “Behavioral Biometrics Will Restructure the Authentication Landscape in the Next 5–8 Years”, and a report that identifies authentication techniques specific to EMV 3D Secure will be published soon:
“In today’s digital age, personal data is never safe.
Cybercriminals are looking for every opportunity possible to acquire your user data. Ongoing data breaches continue to expose usernames, passwords, payment information, health records and other personal information on the dark web, enabling fraudsters to log into user accounts and commit account takeover fraud.
In 2020 and beyond, we’ll continue to see enterprises realize that traditional authentication methods such as SMS-based 2FA and knowledge-based authentication can no longer be trusted to protect online accounts, because passwords and security questions can be easily bypassed or guessed with readily available information.
Increasingly, enterprises across all industries will move toward biometric authentication to ensure a user’s digital identity matches their real-world identity – keeping data secure and out of the hands of fraudsters. Below are five specific trends and predictions around identity verification.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group