Europe Payment Fraud & Security Landscape Transforms Amidst Changing Regulation, reports yStats.com

Posted on: Online Payment | Press Release on July 10, 2019

Germany-based secondary market research specialist yStats.com has released a new report “Europe Online Payment Fraud & Security 2019”. The publication summarizes the latest trends and developments in digital payments security. According to the report’s findings, the upcoming Strong Customer Authentication requirements, to enter into force in September 2019, are expected to bring significant changes to Europe’s online payments landscape.

Changing regulations to affect online payment security in Europe

E-Commerce merchants, banks and payment providers across the EU are preparing for the onset of the Strong Customer Authentication (SCA) requirements, to enter into force in September 2019. While these regulations are aimed at strengthening the security of online payment transactions, the industry participants voice a concern over the low levels of readiness and awareness on all sides of the digital payment flows. According to one estimate cited in the ySatts.com report, the market could lose billions of Euros in economic activity during the first year after the requirements take effect.

Security worries in E-Commerce payments remain strong

At the same time, online shoppers’ concern over the security of payment transactions in E-Commerce is still strong. More than two-thirds of digital buyers queried in a recent survey believed that there were not enough payment security checks in online shopping. The consumers’ worries are supported by industry data showing the rising volumes of card not present fraud, the yStats.com report reveals. In the UK, over one-half of all payment fraud stemmed from remote transactions, with a double-digit increase year-on-year. As a result, fraud prevention is expected to remain among the leading payment-related topics on E-Commerce merchants’ agenda for the next several years.

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