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PSD2 – EU Regulation for A Strong Customer Authentication
On 14 September 2019, a new EU legislation called PSD2 aka Payment Service Directive 2 has been introduced across the European Economic Area (EEA) to make online payments more secure with the integration of a stronger customer authentication for online payments/purchases. As per PSD2, most online transactions between EEA- based businesses and consumers will have to undergo a Strong Customer Authentication (SCA). It means that when a customer pays online by card, they must be authenticated in a strong manner, to prove that they are the rightful card owners. The aim is to fight against fraudulent payments and make online payments more secure.
What is Strong Customer Authentication?
SCA is a process in which cardholders must take extra steps during the payment process for purchasing anything online, or when a card is not physically inserted into a Point of Sale machine by using at least two of these three methods: something the customer knows (such as a password or PIN), something the customer has (such as a phone or hardware token) or something the customer is (such as a fingerprint). This is called 2-factor authentication.
When should it be applied?
Strong Customer Authentication is only applied when the card holder is not physically present (remote transactions). If an e-commerce attempts to charge a card without performing SCA, there might be a higher chance that the transaction will be declined.
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In which countries will SCA under PSD2 apply?
Within the European Economic Area, means the business’s bank from which a customer wants to purchase something and the customer’s bank/credit card company both must be located within the EEA.
Banks will face a real challenge aligning their response to GDPR’s demands for stronger data protection with the PSD2 drive to Open Banking. PSD2 directive is not only a way to improve online payment security, but also a way to improve user experience. For ecommerce players, authentication process occurring during a payment has always been a tricky equation: find the balance between a high-level of security in order to prevent fraud and provide a good customer experience in order to avoid transaction abandon. PSD2 is a solution to solve this equation, and ultimately offer a better and secure payment experience to customers.
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