The May edition of the Great Britain – Cyprus Business Gazette e-newspaper features an article authored by Senior Associate, Xenia Kalogirou. The article discusses the implementation of the two-factor strong customer authentication (SCA) for the initiation of electronic payment transactions, accessing payment accounts online directly or through an account information service provider and carrying out any action through a remote channel which may imply a risk of payment fraud or other abuses.
The article touches on relevant issues including the current regulatory framework and steps taken to date to take account of innovation and technological developments. Finally, the author stresses the necessity of ensuring the consistent application of regulation across EU Member States and of addressing legal inconsistencies arising as a result of new value chains and payment processes created by new technological solutions.
The full article may be viewed here.
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