Banks and Payment Service Providers (PSPs) operating in Europe are required to comply to Payment Services Directive (PSD2) regulations issued by the European Banking Authority (EBA) to protect customers.
In particular, PSD2 requires adoption of Transactional Risk Analysis (TRA) mechanisms to detect in real-time a number of risk factors in a user session and thus minimize the risk of mistaken or fraudulent transactions.
The cost of not implementing PSD2 compliance before the the approaching deadline can be dire, both in terms of penalties and brand reputation. Nevertheless, achieving PSD2 compliance with traditional Fraud Management solutions presents several challenges, including:
Cleafy protects online services and customers against the most advanced attacks from infected web and mobile endpoints. Cleafy detects in real-time advanced threats and account takeover, identity hijacking, transaction tampering and payment frauds scenarios. Moreover, Cleafy provides threat protection capabilities and effectively supports an adaptive threat response approach.
Cleafy makes it possible to become PSD2 compliat by quickly implementing all required Transactional Risk Analysis (TRA) mechanisms:
Once deployed, Cleafy delivers immediate benefits, both in terms of reduction of online frauds and improved efficiency of the security team.
Cleafy introduces a quite unique and unorthodox approach towards threat detection and anti-fraud protection for financial service providers. As opposed to disjointed security products covering individual threat vectors, the company focuses on business and regulatory requirements for banks, e-commerce and other similar companies and offers an integrated, clientless real-time platform that directly integrates with adaptive authentication and incident response solutions most of their customers already have in place due to industry regulations. Directly addressing most of security clauses of the PSD2 directive, Cleafy offers a promising one-stop-shop solution for financial service providers’ regulatory compliance needs.
Alexei Balaganski KuppingerCole