By Laura Waterton
Customers are worried that with the change in legislation and banking systems, they will no longer be able to take payments over their current internet gateways. They are looking to their technology vendors to help.
So, what is SCA compliance, where’s the opportunity, and how can Oak help?
1. What is SCA compliance?
Strong Customer Authentication (SCA) is part of the PSD2 regulation taking place across Europe. It’s an initiative from card issuers, intended to improve the security of payments and limit card fraud during the authentication process.
The easiest way to comply is to use 3D Secure (3DS1 or 3DS2), which requests additional proof of identity during transactions, such as a password or fingerprint. 3DS2 provides the better customer experience, as it’s optimised for both desktop and mobile.
2. Where’s the opportunity?
SCA affects any business governed by the FCA who take web payments. They'll need to upgrade their current gateway to comply, otherwise transactions will fail.
This critical risk of lost business, coupled with the short deadline, means now is the time to reach out to your customers.
3. How can Oak help?
Oak partners with Key IVR, a PCI-DSS Level 1 compliant payment solutions provider. They have been helping countless organisations meet their SCA requirements to help combat card fraud, improve customer confidence and most importantly... protect business revenue.
Together, we can work with your customers to upgrade their current e-commerce system, and even supply a secure phone payment alternative to ensure that no payment is missed during the transition period.
For more information, contact your Oak Account Manager or email email@example.com