As payment fraud increases, global losses are projected to reach $40.62 billion by 2027. Governments and businesses are turning to meaningful customer authentication to crack down on identity theft. In particular, the EU has led the charge by introducing Strong Customer Authentication (SCA) regulations as part of the Payment Services Directive 2 (PSD2).
Businesses should anticipate that multifactor requirements and security regulations will become more widespread as security attacks and fraud continue. For enterprise payment processors, the challenge lies in supporting implementation while delivering a frictionless consumer experience.
In this Help Net Security video, Chris Federspiel, CEO of Blackthorn, discusses how to provide customers with a secure experience and how businesses can promote compliance in the payments ecosystem despite the regulatory environment.