The Bank of Israel's Oversight Payment Systems Division announces the principles set out for strong customer authentication (SCA) when using a payment card.

The Bank of Israel's Oversight Payment Systems Division announces the principles set out for strong customer authentication (SCA) when using a payment card. These principles were set out in order to mitigate the existing risks when making digital payments, which include fraud, identity theft, counterfeiting, and abuse. The standards set by the market participants as part of the payment cards committee[1] will contribute to increased effectiveness and increased safety of use of advanced means of payment for everyone's benefit.

The implementation of SCA will be based on two or more of the following categories:

Knowledge (Something You Know) - Information only the user knows.

Possession (Something You Have) - Something only the user possesses. Possession refers not only to physical possession, but also to nonphysical possession.

Inherence (Something You Are) - This category includes biological, behavioral, and biometric features.

In other words, to perform SCA the user must be identified according to two or more elements, where each element is from a different category. These elements must also be independent of each other, so that the breach of one does not compromise the reliability of the others and confidentiality of the data is protected.

The elements in each category were determined after reviewing the elements set in Europe by the EBA[2], and adapting them to conform with Israel's market needs and characteristics so that they can be considered SCA compliant.

The components in the specified categories will be updated from time to time according to changes and developments in the field.

In order to make the SCA principles accessible to the public, the Bank of Israel has formulated a series of public information steps:

Link to a dedicated website (Hebrew) with a list of elements that may be considered SCA-compliant in each category, and additional requirements for SCA implementation.

https://e-umb.boi.gov.il/%D7%94%D7%AA%D7%A4%D7%A7%D7%99%D7%93%D7%99%D7%9D-%D7%94%D7%9B%D7%9C%D7%9B%D7%9C%D7%99%D7%99%D7%9D/supervisionregulation/%D7%A4%D7%99%D7%A7%D7%95%D7%97-%D7%A2%D7%9C-%D7%9E%D7%A2%D7%A8%D7%9B%D7%95%D7%AA-%D7%AA%D7%A9%D7%9C%D7%95%D7%9E%D7%99%D7%9D/%D7%90%D7%99%D7%9E%D7%95%D7%AA-%D7%9E%D7%95%D7%92%D7%91%D7%A8/

Explanatory video clips - There are two dedicated video clips, one for merchants and one for payment cardholders, illustrating the principles. The Bank of Israel encourages the public to view, download, and share the video clips, due to the importance of the issue for the economy and in order to increase the public's awareness.

SCA for consumers:

For viewing: https://youtu.be/uue5m8sUibc

For download: https://we.tl/t-qz03npgfGI

SCA for merchants

For viewing: https://youtu.be/DYIl0tsddpg

For download: https://we.tl/t-akIhhgIrKN

(The Bank of Israel's material is attached for your viewing and use. Credit: Bank of Israel.)

The position paper attached

[1] The Payment Cards Committee is a market committee that discusses broad topics relating to the payment cards market.

[2] https://www.eba.europa.eu/file/104475/

14

W. R. Berkley Corporation Declares Special Dividend

01/03/2023

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GREENWICH, Conn.--(BUSINESS WIRE)-- W. R. Berkley Corporation (NYSE: WRB) announced today that its Board of Directors has declared a special cash dividend on its common stock of 50 cents per share to be paid on January 24, 2023 to stockholders of record at the close of business on January 13, 2023.

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. For further information about W. R. Berkley Corporation, please visit www.berkley.com.

Karen A. Horvath

Vice President - External

Financial Communications

203-629-3000

(C) 2023 Electronic News Publishing, source ENP Newswire