July 18, 2019 2 min read
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A set of extra features are in development and will be integrated later this year.
The revised Payments Services Directive (PSD2) regulates the payments industry in the European Union. One of the major updates that comes into effect this year is stronger protection for customers who shop online using their debit and credit cards.
To comply with these new regulations, online sellers need to make sure they have Strong Customer Authentication (SCA) for payments they accept from European buyers to help mitigate card-not-present fraud.
Strong Customer Authentication is similar to what many people refer to as two-factor authentication: if a customer is buying online using their debit or credit card, SCA may require them to use two forms of authentication. As an example, instead of just entering their PIN or password, Strong Customer Authentication would prompt a customer to enter a code generated on their banking app as a second step. This makes it harder for fraudulent transactions to get through.
Customers are asked to enter this information only when it’s required through a technology known as 3D Secure—an extra layer of security that customers have to enter during checkout to authenticate themselves. Our customers will see the 3D Secure indicator start to show up on orders after PSD2 comes into effect.
Whilst PSD2 may initially seem like another layer of bureaucracy, it is in fact a major security upgrade that will protect both buyers and sellers from scammers using stolen cards.
The technology is already in place and we are already compliant with the upcoming EU PSD2.
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Willys-Hifi Ltd - the specialist UK loudspeaker parts company