In March 2014, the FCA, the prudential supervisor for UK-based payment institutions and e-money providers, outlined that it would not be strictly assessing the compliance with the SecuRePay Recommendations on the security of Internet Payments.
Author Archive | Jane
In July this year, the European Commission published a proposal for a revised Payment Services Directive (PSD). The proposal requires ‘strong customer authentication’ when someone makes an electronic payment transaction. This validates identity by at least two of the following factors: knowledge, possession and inherence. These are independent, in that the breach of one does not compromise the reliability of the others, and the process also protects the confidentiality of the authentication data.