SFC (Securities and Futures Commission)
March 18, 2025Suspicious Activity Reports (SARs)
March 18, 2025Definition:
This is a security standard requiring multi-factor authentication for transactions.
Contextual Explanation:
SCA ensures that payment transactions are verified with at least two independent authentication factors.
Why It Matters:
Failure to implement SCA can lead to payment fraud and non-compliance penalties.
Example:
A fintech app requires users to verify their identity via SMS and biometric authentication before processing payments.