SCA must be used for all remote electronic transactions unless an exemption applies. For example, low-value payments (equal/below €30, conditions apply), repetitive transactions (same amount) and transactions to trusted beneficiaries (white listing).
Fewer than 5% of merchants use technology that supports SCA, and over 75% don’t know what the SCA requirements are1. Because of this the Financial Conduct Authority are allowing a managed rollout from 14th September to give you time to implement SCA. You’ll need to make the change at some point – and the sooner you do, the more secure your business will be.
Mastercard® Identity Check™ is our solution to the demands of PSD2 and SCA. It uses the next generation of payment authentication protocols – EMV® 3-D Secure – to reduce fraud and basket abandonment, as well as provide a better customer experience.
Mastercard® Identity Check™ improves digital payment security, increasing approvals and reducing friction for your customers while protecting them and you from card-not-present fraud – 75% of all card fraud2. It gives you:
It makes you fully compliant with the latest financial regulations when it comes to taking payments from your customers. Your payment service provider should be keeping you informed about these, but if not we suggest contacting them.
It also helps you:
1. UK FINANCE, STRONG CUSTOMER AUTHENTICATION (SCA: PROPOSED MANAGED ROLLOUT, 2 AUGUST 2019, 2. EUROMONITOR, FICO, 2016, 3. MASTERCARD TRANSACTION DATA, 2017, 4. DATA PASSWORDS BREACH INVESTIGATIONS REPORT, VERIZON, 2015, 5. IDENTITY CHECK PROGRAM AND EMV 3-D SECURE VERSION 2 (EMV 3DS) UPDATE, 2017