Customer verifications have slashed fraud across Europe – ECB, EBA study
Problem greater in non-EEA countries with looser security requirements, says research
Customer authentication requirements have significantly reduced payment fraud in the European Economic Area (EEA), a report from the European Central Bank (ECB) and the European Banking Authority (EBA) finds.
The report, published on August 1, says payments verified with strong customer authentication (SCA) had lower rates of fraud than non-SCA transactions, especially for card payments. The effect was most pronounced for card payments, which “were 10 times higher when the counterpart was located
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