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A new bill: what is the European Payments Initiative?
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By Rob Crutchington is CEO of Encoded.
Fraud patterns have replaced since the coronavirus outbreak; however, the recent advent of PSD2 and strong visitor authentication means that responsibility changes from merchant to visitor in the event of fraudulent transactions. Rob Crutchington of Encoded explains how new payment regulations gain advantages for merchants in a volatile environment. Retail.
Losses due to payment fraud have been accumulating over the past decade, causing headaches for everyone in the chain, adding up customers, merchants and banks. UK Finance reported that losses from UK card fraud amounted to 671. 4 million pounds in 2018 , [i] a 19% build-up compared to 565. 4 million pounds in 2017
The Covid-19 pandemic has also replaced the landscape. According to Experian’s Global Insights Report [ii], consumers are interacting more than ever with online business. The study found that there had been an overall 20% increase in consumers’ online transaction activities, adding 41% in online purchases and 22% in online food orders for delivery or takeaway. Traders who in the past only had physical locations now settle for e-commerce and phone transactions, meaning that the security of visitor payment knowledge has been a priority.
In addition, the strong accumulation of paintings in homes as a result of government measures against coronavirus has forced organizations that process credit/debit card bills to review their compliance with payment card industry knowledge security standards (PCI DSS). Date rules [iii], organizations of remote painters maintain security practices and protect payment card knowledge. related to those types of cardless transactions.
Protecting the customer
Even before the pandemic, the focus was on customer protection, so if a fraudulent transaction is reported, the stolen amount is credited to the visitor. In the case of mail order/ phone order (MOTO), it depends on the merchant to result in the visitor making the transaction. This occasionally requires tracking through call histories, recordings, and notes taken through the agent at the touch center. With running from home, this is potentially even more challenging: processes and systems want to be obviously in a position to ensure that visitor knowledge is controlled and stored securely.
The truth about flow releases
An examination through payment specialists Verifi [iv] found that up to 86% of cardholders contact their bank directly when they do not recognize a debit on their credit or debit cards and request that the transaction be cancelled. a disputed transaction, as well as through fines, fees and similar operating expenses, as well as long-term damages to visitor relations.
The invoice landscape is transforming: strong visitor authentication
In the wake of the coronavirus outbreak, cybercriminals moved temporarily to take advantage of immediate adjustments to new payment card awareness environments, with 475% malicious reports related to coronavirus in March 2020 [v]. The monetary sector, which seeks to fight fraud, introduced a strong visitor authentication law (SCA) in September 2019.
SCA not only protects the customer, but also promises benefits to merchants. As a component of PSD2 (EU regulation implemented to ensure some customer protection), SCA adds an additional layer of security when customers make an online payment. Customers can no longer order online only their Credit or Debit Card Details must also provide additional identification. Only when the payer can provide two authentication bureaucracies, a password and a code of a cellular device, is he allowed to make his payment.
In the event of a fraudulent transaction, responsibility is now transferred from the merchant to the cardholder so that it turns out that the acquisition did not take place. In the end, the cash comes from the scammers without the merchant having to bear the debt or chargeback while the money transaction is being investigated.
Demanding new situations bring new opportunities
Of course, the advent of new compliance systems comes at a cost. Regulations, such as GDPR and PCI DSS, which impose consequences for non-compliance, already place a heavy burden on merchants and payment service providers.
However, there are technologies that can help address these compliance issues cost-effectively. By opting for those features and partnering with a pci-DSS compliant trusted payment service provider, merchants can meet mandatory needs to ensure they comply with new payment regulations.
Switching to cell phone and bills makes it easier
Implementing the generation that enables cellular and online bills is an effective way to mitigate security hazards and increase rates. By allowing consumers to pay for their products and digitally and automate invoices, the highest levels of cellular and online security are provided, while creating a visitor experience.
For example, the Encoded and PayByLink visitor engagement platform was designed with PCI DSS and GDPR in mind. PayByLink offers an approach to sending a one-time link to a visitor’s phone or email address, which can then be used to open a preloaded payment form.
Customers can pay with the knowledge of the stored card or new main points if, without exposure of knowledge to the agent, the highest levels of security and compliance of PCI DSS are guaranteed.
Customer service is a priority
Like any regulation, the SCA has an effect on the advertising market and for merchants and contact centres, it brings new challenges Ultimately, the duty to move does not mean avoiding liability or having a negative effect on the provision of a service that attracts and keeps customers unwavering.
With the right methods and technologies, merchants can help reduce fraud and provide secure bills to consumers while leveraging existing remote and online retail opportunities and remaining subject to the PCI DSS standard.
[i] https://www. ukfinance. org. uk/data-and-research/data/fraud
[ii] Results of the Global Insights report on the Global Decision Analytics Insights blog
[iii] PCI Security Standards Council
[iv] https://www. telegraph. co. uk/business/business-reporter/credit-card-chargeback/
[v] BitDefender – Bitdefender 10 IN 10: The indelible impact of COVID-19 on cybersecurity
https://www. bitdefender. co. uk/business/whitepapers. html
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