EU

Identity verification tools can safeguard both the establishment and the customers from identity fraud that results in heavy losses.

SIM Swap, also known as SIM Splitting or SIM jacking is a fraudulent activity, where a fraudster takes complete control of users’ phone accounts by either porting or cloning their SIM without their knowledge.

As the end of 2020 draws near, banks and payment service providers in the European Union face yet another PSD2 deadline. Full enforcement of the much-debated Strong Customer Authentication (SCA) across the region will begin from January 1, 2021*. This implementation comes under extraordinary circumstances caused by the pandemic. Much of Europe has moved into another phase of lockdowns, causing a shift in shopping behavior from brick-and-mortar to digital. The change in purchasing habits has also brought in several first-time online shoppers.

Traditional banks are now facing intense competition from FinTech players that are young, dynamic, and more adept at providing financial services in today’s digital era.

The technology has already been adopted by one of the world’s largest banks based within the UK as a way to meet government regulations whilst also enhancing the customer experience.

Under the Payment Services Directive (PSD 2), the digital revolution of making payments online is now regulated at a community level.