Fed issues second brief in authentication fraud series

Following the recently published research brief on remote authentication fraud, the Federal Reserve has now published the second brief in the series: Fraud Types and Authentication for Remote Payment Use Cases.

This brief takes a closer look into several remote payment use cases and authentication methods that can help prevent the most common types of remote authentication fraud. It discusses the specifics of data breaches, “phishing” attacks and malware infusion resulting in new account and/or account takeover fraud. and some of the authentication tools the industry applies to help prevent fraud depending on the use case, such as effective Know Your Customer (KYC) compliance for new accounts, risk-based authentication (RBA) tools, payment tokenization and two-factor or multi-factor authentication.

• Federal Reserve FedPayments Improvement Blog article