What does it entail?
Posted: Sun Jan 19, 2025 6:20 am
It will come into force on September 14, 2019 and, from that date, banks will have to reject all payments that do not meet the requirements set by law.
SCA requires an additional level of authentication when making online purchases. The goal is to create secure online payment methods to prevent fraud. While previously it was sufficient to have a credit card number and billing address, it is now necessary to include at least two of the following three elements:
something you need to know: password or PIN;
something you own: smartphone or token;
something about you: fingerprint or other biometric characteristics.
What is it for?
As online shopping increases, so does the number of fraudulent purchases or stolen list of aruba consumer email credit cards in Europe. The European Central Bank (ECB) estimates that the total amount of such crimes is worth 1.3 billion euros. And it is hoped that the number of online purchases will reach one trillion dollars in 2022. This new regulation seeks to protect consumers by reducing this type of fraud.
When is SCA applied?
SCA will only be required for online payments made by the customer, i.e. when the user actively makes a purchase through an online process.
SCA requires an additional level of authentication when making online purchases. The goal is to create secure online payment methods to prevent fraud. While previously it was sufficient to have a credit card number and billing address, it is now necessary to include at least two of the following three elements:
something you need to know: password or PIN;
something you own: smartphone or token;
something about you: fingerprint or other biometric characteristics.
What is it for?
As online shopping increases, so does the number of fraudulent purchases or stolen list of aruba consumer email credit cards in Europe. The European Central Bank (ECB) estimates that the total amount of such crimes is worth 1.3 billion euros. And it is hoped that the number of online purchases will reach one trillion dollars in 2022. This new regulation seeks to protect consumers by reducing this type of fraud.
When is SCA applied?
SCA will only be required for online payments made by the customer, i.e. when the user actively makes a purchase through an online process.