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Nearly half of UK consumers are likely to abandon future purchases if they are faced with a multi-step authentication process, a study from Forter claims.
Postponements to strong customer authentication (SCA) was the right decision, but regulators must make it clear there will not be a second opportunity for meeting compliance, according to Michael Sass vice president, market product management, security solutions, Europe at Mastercard.
Germany’s Federal Financial Supervisory Authority (BaFin) has made a temporary measure which allow online payments that do not meet strong customer authentication requirements.
Central Bank of Ireland has reportedly confirmed it will delay the roll out of Strong Customer Authentication (SCA) rules.
The EU is enforcing new rules for online payments on September 14. For creative RegTech and FinTech businesses, the new legislation could present massive opportunities.
New EU rules boosting customer security are set to be enforced by mid-September. However, the UK may take another 18 months to implement the changes.
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