Most Payment Firms Now Meet Customer ID Rules, EU Says
Law360, London (June 11, 2021, 7:04 PM BST) -- Almost all European Union payments services companies now comply with new standards for authenticating their customers' details, but some are still lagging behind with implementation, the banking regulator said on Friday.
According to the European Banking Authority, 94% of all payment cards in the bloc are enabled for strong customer authentication, part of new security requirements aimed at reducing the risk of fraud and ensuring personal data is safe.
The requirements fall under the revised EU Payment Services Directive, which is designed to make payments safer, and have been in place since September 2019. The EBA had given companies until December...
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