The Payment Services Directive 2 (PSD2) is a European regulation aimed at increasing competition, innovation, and security in the financial services sector by promoting secure online payments, enhancing customer protection, and fostering the use of open banking through third-party access to account information and payment initiation.
As independent security consultants, we offer comprehensive PSD2 assessments focused on evaluating the implementation of Strong Customer Authentication (SCA), ensuring that payment service providers comply with regulatory requirements, mitigate security risks, and enhance user authentication mechanisms, including multi-factor authentication and secure transaction processes.
A scoping workshop is a collaborative session in which stakeholders and experts gather to define the scope of a PSD2 / SCA compliance assessment.
The gap analysis is used to identify areas where an organization may fall short of meeting the requirements and to develop a plan to address these gaps.
A PSD2 / SCA assessment is a formal evaluation of an organization’s adherence to the PSD2 requirements, leading to your compliance report.
The services are designed to assist you from identifying what needs to be done to implement the requirements of the PSD2.
We conduct a thorough assessment of the client’s current systems, policies, and processes to identify gaps where they fall short of PSD2 and Strong Customer Authentication (SCA) requirements. This analysis includes reviewing authentication mechanisms, transaction monitoring, and compliance with technical standards, followed by actionable recommendations for remediation.
Our team evaluates the potential vulnerabilities and security risks in payment systems, including those related to customer authentication and third-party access (open banking). We help clients prioritize risks based on their impact and likelihood, and develop strategies to mitigate these risks while ensuring compliance with PSD2.
We perform technical audits of authentication mechanisms, such as multi-factor authentication (MFA), biometric solutions, and transaction risk analysis (TRA). These audits ensure that the implemented security measures meet PSD2 and SCA technical standards, while providing recommendations for any required updates or enhancements.
Here are some ways a consultant can assist you with remediation:
Developing a remediation plan: A consultant can help you develop a remediation plan that outlines the steps needed to address the identified gaps. The plan should include timelines, responsible parties, and specific actions required to remediate each issue.
Implementing technical controls: The consultant can provide guidance on implementing technical controls such as firewalls, intrusion detection systems, and encryption technologies that are necessary to achieve compliance with the PCI 3DS.
Developing policies and procedures: The consultant can help you develop policies and procedures that are necessary to ensure compliance with the PCI 3DS. This includes policies related to access control, data retention, and incident response.
Staff training: The consultant can provide training to staff on the PCI 3DS requirements and how to implement the necessary controls to address the identified gaps.
Ongoing compliance: The consultant can help you establish an ongoing compliance program to ensure that your organization remains in compliance with the PCI 3DS. This includes regular monitoring, vulnerability assessments, and annual reviews.
PSD2 requires financial institutions to allow third-party providers (TPPs) to access customer account information and initiate payments through APIs. We guide clients through the secure implementation of open banking practices, ensuring proper authorization and authentication of TPPs, and compliance with regulatory frameworks.
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