On September 14, the application of the European Internet payment regulations called PSD2 started to be applied. It gives preponderance to the use of the mobile phone as an instrument for online transactions.
The norm is focused on achieving greater security in the digiral environment. As it was known, from its application “the identification requirements of the consumer must be reinforced, which will need to have a mobile phone in order to operate.”
As indicated this week by sources from the European Commission, to the extent that PSD2 is applied in the European Union, users and consumers will have a “safer and easier online payment environment”.
The PSD2, which means Payment Service Directive, is an update of its first version applied in 2007. The current regulations require at least two elements of verification of the identity of the buyer. These elements can be: a PIN code, the physical payment card, the fingerprint or the client’s facial features.
Once the two elements mentioned above have been supplied, a single-use authentication code is generated that must meet certain requirements. First, “it will not reveal any type of authentication factor used during the transaction, and a new valid code cannot be generated from an existing one; that is, its falsification will not be possible.”
Secondly, double authentication will not always be mandatory. In fact, as established by Delegated Regulation 2018/389, the second security step is required only once and after 90 days the customer will be asked again.
Regarding suppliers, they must demonstrate that they have “implemented, tested and audited these security measures.” In case of a fraudulent payment, the customer is entitled to full refund.
For their part, banks must design communication platforms that allow fintech access to their customers’ bank details easily and securely.
The mobile phone is essential in these regulations, which also requires businesses that do not have the authentication system to migrate to the necessary methods as soon as possible. Although the norm entered into force in Europe on September 14, Spain must wait a little longer before the moratorium granted by the Bank of Spain.
M.Pino
Source: 20minutos.es
