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Protect Payments with Multi-Factor Authentication

Video Transcript
Hi, I’m James Richardson. I’m the Head of Market Development for Risk & Fraud at Bottomline Technologies.

How are the changes in the payment landscape affecting security?
There have never been so many changes in the payment industry as we’ve seen in the last few years.New regulations such as PSD2, open banking and GDPR all affect corporates of all sizes. In addition, we’ve seen a growing trend in the increase in cyber frauds.

Tell me more about GDPR for protecting payments.
GDPR affects how organisations hold on to data. But specifically, they need to give special consideration to personally identifiable information within their payment transactions.

What does good payment security look like?
What good looks like is improving security standards when it comes to cyber fraud. Organisations must ensure that they encrypt their data, that they have high levels of security from point to point, that they have a multi-step approval process within the organisation and 100% transaction analytics. Importantly, when it comes to GDPR, it’s essential that MFA or Multi-Factor Authentication is used within the process.

What is Multi-Factor Authentication?
MFA is Multi-Factor Authentication. As consumers, we’re all probably very used to using it with our own retail banking. In practical terms, what it means is, you will have a 2-step authentication process when logging in to secure your payments.

What are Bottomline Technologies doing to protect payments?
What we feel is critical right now is that organisations take a holistic approach to securing their payments from end to end. One of the ways in which you can add security is through Multi-Factor authentication and we’re delighted to announce that we now offer that as standard in PT-X

What do I need to do to secure payments?
You need to decide how you want to use Multi-Factor Authentication. You can choose an app which you can download or obtain a token from Bottomline Technologies. Either way you must use Multi-Factor Authentication as it’s mandatory.

So that’s it, choose my options and I’m done?
Actually, we’d ask our customers to reflect on what good looks like and consider the technology offerings that are available to them today. We would encourage you to consider the security pack when choosing your Multi-Factor Authentication option.

Regulations like GDPR continue to demand more data security to protect payments.

78% of fraud losses are actually committed internally by employees, with only a small minority coming from external deception or hacking. Secure your processes

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