I’ve been travelling quite a bit recently for work and have been reminded (again) how ‘human factors’ can defeat any attempt to improve security.
A good example of this is chip and pin/contactless. Chip and Pin is common and popular in Europe and as a result in Europe I never ‘give’ my card to members of staff for them to process it. This reduces the risk of fraud substantially as staff cannot easily clone/copy cards when they’ve never handled them.
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There has been quite a lot of excited commentary about how PSD2 will revolutionize the banking industry, so I thought it was worth a bit of analysis to see what the actual outcome is likely to be.
What is it PSD2 is a EU directective aimed at
Forcing open API’s on the payments industry to open up competition including ability to deliver cross border direct debit Increasing security of payments/banking by mandating ‘strong authentication’ based on multiple factors Better transparency on charges for payments What are people saying it will mean A number of commentators are crediting PSD2 with opening up the EU banking market to much more competition from non-banks and between banks.
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