Important terms and definitions you need to know
Biometric authentication is a security process that uses an individual’s unique physical or behavioural characteristics to verify their identity. Unlike traditional authentication methods such as passwords or passcodes, which rely...
Two-factor authentication (2FA) is a security process in which a user is required to provide two different authentication factors to gain access to an app or account. The primary purpose...
A static password is a type of password that remains constant until the user decides to change it manually. When making online purchases, a static password is typically used as...
3D secure is a security protocol designed to add an extra layer of protection for online card transactions. It helps prevent unauthorised use of credit and debit cards for online...
A SWIFT transfer is a method of transferring money electronically across international borders. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a global messaging network used...
SEPA stands for the Single Euro Payments Area, and a SEPA transfer is a type of electronic payment used to transfer funds between bank or e-money accounts in the eurozone....
A prepaid debit card is a plastic or metal payment card that is not tied to a bank or e-money account and is topped up by the cardholder via an...
A virtual card is an electronic equivalent of a physical debit card that is issued and stored in the mobile app on your phone. The virtual card has its own...
IBAN, or International Bank Account Number, is a unique code assigned to your account to verify transaction details before sending funds to a foreign bank. It contains up to 34...
Know Your Customer (KYC) is a mandatory process of verifying the customer’s identity when opening an account. In other words, banks and electronic money institutions must make sure that their...
An electronic money institution (EMI) is a financial institution that facilitates digital payments for their customers. These institutions are licensed by relevant authorities to store and transfer electronic money. EMIs...
The European Economic Area (EEA) is a free trade zone that consists of the member countries of the European Union (EU) and three countries of the European Free Trade Association...
