The Retailer Spring Edition 2021

SPR I NG 202 1

3 9

need to do”. ‘‘

You need to move from denial into action. SCA is coming. It’s time to do what you

how likely are you to give up on transactions that require to factor authentication?

700

600

521 34.7%

493 32.9%

500

400

309 20.6%

300

177 11.8%

200

100

Very likely

Somewhat likely

Not very likely

Unlikely

So it follows that, based on point No. 3, that your fraud rate is important and knowing what that is and how to affect it is paramount. The tricky juggling act comes with the fact that you don’t want to add friction to the buying experience in order to avoid fraud. Choose wisely, then, when selecting a fraud solution.

So there you have it — implement these five key pointers as soon as you can and as best you can and you can keep on the right side of the changing legislation. It can be tricky, but keeping ahead of the game (or at least not falling behind) will mean you don’t fall foul of the regulation while still providing the most seamless SCA journey for your customers. ShagunVarhney, Signifyd Senior Product Manager, Payment Solutions, is a banking and payments expert with a deep knowledge of SCA regulation and its impact on commerce and commercial banking.

5. Knowwhere your customers are coming from

Know thy customer. Or at least where they’re from. There’s such a thing as the curiously named “one leg out” exclusion. This is where, in order to be subject to SCA, the shopper’s card issuing bank and the merchant’s acquiring bank must both be in the European Economic Area. So if a large number of your transactions come from outside the EEA, it’s likely that those transactions are not subject to SCA and the new regulation may not impact you as much as first thought. You still need SCA for those orders not subject to this exclusion.

Shagun Varshney signifyd.com

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