28 November 2016: The Paypers – The Prepaid International Forum (PIF) has joined pan-European initiative to express grave concerns with the European Banking Authority’s proposal to tighten customer authentication for online payments.
The move follows the latest EBA proposed Regulatory Technical Standards on Strong Customer Authentication under PDS2 that introduces disproportionate security requirements to the detriment of consumers, merchants and issuers of prepaid products.
As a result, PIF has added its signature to a letter to Vice-President Dombrovskis at the European Commission. The letter, which has been signed by 39 European and national organisations representing the payments, cards, ecommerce, small merchants, ICT and digital technology, telecoms, foreign trade, and leisure and travel industries, questions the EBA’s prescriptive approach by mandating strong authentication for all remote payment transactions over EUR 10, regardless of their risk. Read the full article