The payments community is well used to the abundance of acronyms that has become its legislation of late, but less so to the grey overlaps between various directives and standards - least of all Strong Customer Authentication (SCA) within the online and e-commerce payment experience.
But Payment Service Providers (PSPs) are increasingly finding themselves in quite a predicament, as high customer expectation drives a seamless payment experience while also demanding additional security; all this in the face of ever more sophisticated Authorised Push Payment (APP) fraud.
The Financial Conduct Authority (FCA) and European Banking Authority (EBA) – through PSD2 – have both been vocal of the new SCA measures required of PSPs, most recently highlighted by the Financial Ombudsman Service.
The solution? The fight against fraud has also matured emerging technologies and thrust them into the legislator’s limelight as solutions to the seamless UX/strong authentication paradox.
Download the document now 938.1 kb (Chrome HTML Document)