The Payment Services Directive (PSD2) will go into effect with some new rules in September of 2019 and could have some unexpected consequences according to a report from iovation and Aite Group. The report says the new, stricter requirements for fraud prevention, could push more fraud towards the US.
Ryan Wilk, VP of Customer Success at NuData Security:
“Regardless of PSD2 regulations, every financial organization around the globe should be reassessing their processes and security layers as fraud becomes more sophisticated and more successful. Consumer privacy is also a top priority with more organizations caring about consumer data, protection, and data sharing. Leveraging behavioral biometrics in a layered security authentication framework is a way to identify customers by their online behavior instead of credentials and thus protecting customer’s identity. This authentication framework ensures a smooth and easy customer experience while blocking fraudulent transactions.”