The whitepaper “Strong Customer Authentication in Practice – limitations and possibilities with PSD2” highlights the implications for identity and authentication to the payments and commerce industries.
Signicat released the whitepaper following concern in the industry that SCA could damage business by creating more friction for the consumer at the checkout. Once SCA is triggered, providers will be forced to look for ways to simplify the transaction process either through exemptions or low-friction. For this reason, the report also seeks to provide guidance on how to incorporate SCA into existing services.
SCA is being introduced to ensure consumer identities are secure when paying electronically and to guard against fraud. The requirement will come into effect in Q4 2018, six months after the deadline for all EU member countries to implement PSD2 as national law on January 13, 2018. PSD2 mandates SCA for transactions above EUR30, meaning two-factor authentication will be required to verify the transaction.
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