A lack of industry readiness means incoming strong authentication reforms are now expected to cost businesses across the EU a total of €57bn, new research has claimed.
From September 14 this year, all online transactions taking place within an EU member state will require two-factor authentication unless one of a series of exemptions can be met. The reforms are set out in regulatory technical standards on security, part of the revised Payment Services Directive (PSD2), and were devised as a way to cut online payment fraud.
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