PSD2 Compliance: Sizing Up the ChallengesExpert on the Regulation Offers Tips on Meeting Its Requirements
European banks are not ready to meet the Dec. 31 deadline to comply with the PSD2 regulation, which requires strong customer authentication when providing API access to banking platforms, says Dr. Steven J. Murdoch, a principal research fellow at University College of London.
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"Banks are facing technical challenges in integrating new features of legacy banking products which is very hard and time consuming and requires skills which are in short supply, in meeting the new SCA standards," Murdoch says.
In a video interview with Information Security Media Group interview, Murdoch discusses:
- Meeting the secure customer authentication requirement;
- Implementing new authentication methods with the use of smartphones;
- Understanding customer behavior to spot anomalous transactions.
Murdoch is a Royal Society University Research Fellow in the information security research group of University College London, where he works on developing metrics for security and privacy. The Royal Society supports his current research on developing methods to understand complex system security. He is also working on analyzing banking systems' safety, especially and is an innovation security architect at OneSpan. He is a fellow of the Institution of Engineering and Technology and British Computer Society.