Only 14% of companies engaged in retail in Europe have implemented enhanced customer authentication
Thus, it is established by the Second Payment Services Directive (PSD2), although from next September it will be of mandatory use, according to a survey conducted by Mastercard to about 330 online stores.
According to the data obtained, most (75%) of the European retail trade, is not up to date with the new security standard introduced by the regulations to increase the simplicity and security of payments through the use of new technologies.
Likewise, 51% of respondents affirm that they will not do so before September 2019 or, directly, that they have no plans to do so. In view of the level of adaptation, the European Banking Authority has offered the possibility for national institutions to give an additional period of time to adapt to the new changes.
“Reinforced authentication will be essential in the payment ecosystem, which will have to adopt different measures to implement the new security standard established by European legislation,” said Alberto López, head of cybersecurity and digital solutions for Spain and Portugal of MasterCard. a meeting to address the implications of the SCA among the actors of the system.
The new directive aims to ensure the correct identification of users when they make their purchases, and for this requires the use of two different authentication factors between something that the user has (the card or mobile), something that only the user knows ( the PIN) and something that only the user is (fingerprint or facial recognition).
“Electronic commerce continues to gain ground to the physical and it is essential to ensure that digital transactions are safe and comfortable,” said Lopez.
In this regard, he explained that Mastercard has made a “great effort” of development and investment in technologies such as biometric authentication or artificial intelligence to improve the approval of transactions and the experience of users.