Is compliance to PSD2’s SCA a bridge too far for B2B merchants?
Published 3 months ago
According to the European Central Bank, 79% of all card fraud in 2018 occurred online from Card Not Present (CNP) transactions. In cash terms, this equates to €1.43bn in fraud losses and represents a whopping 17% increase on the previous year.[1]
Against this backdrop you’d be forgiven for thinking that, for merchants, PSD2’s Secure Customer Authentication (SCA) couldn’t come soon enough. In reality, however, the European Economic Area’s 30
th December deadline has had Europe’s suppliers in a tailspin, and many remain so even though the cut-off has passed. In the UK, the extended deadline of 31
Recovery hopes lift British mid-caps; Ibstock shines
Published 3 months ago
By Shivani Kumaresan
(Reuters) – British mid-caps tracked a rally in Asian shares on Thursday as hopes of a swift economic recovery this year boosted demand for riskier assets, while building materials maker Ibstock jumped after lifting its profit forecast.
Shares of Ibstock jumped 7.7% to the top of the FTSE 250 after the company said fourth-quarter activity benefited from better-than-expected demand for new houses and repairs.
The domestically focussed FTSE 250 index added 0.3%, with industrial stocks leading the gains. The blue-chip FTSE 100 index was unchanged at 0941 GMT, with strength in financial stocks being offset by declines in the energy sector.
® Global Network partners.
Discover Global Network is encouraging its partners to move to the EMV 3DS v.2.2 protocol as soon as possible, especially given the potential impact on merchants throughout the EU.
The payments ecosystem involves a high number of dependencies and parties must work together to implement SCA. The constraints the current crisis places on the roll-out of SCA technology severely limits the time available for participants to test together, which is essential to a safer and controlled implementation. Discover Global Network has put programmes in place to proactively monitor transactions to detect any change in approval rates for its merchants and issuers.
Business Editor
The Department of Finance has said that some banks and businesses may not be fully ready to implement new security rules for electronic payments that come into effect from 1 January.
The Labour Party has called on the main banks and Central Bank to clarify whether the situation means some customers could potentially face disruption when paying for things online if their systems are not compliant after the date.
Under the EU s revised Payment Service Directive introduced in 2015, Payment Service Providers (PSPs) are required to introduce strong security requirements for the initiation and processing of electronic payments.
Strong Customer Authentication (SCA) aims to reduce the risk of fraud for all electronic payments, particularly those online.