Multi-factor authentication (MFA) has been working its way into consumer life for years. To get to your bank account from a new machine, you often have to provide not only a username and password but a numeric code that you receive via a text message or an email.
MFA —which up until now has been a best practice, a recommendation and a feature implemented by vendors and financial institutions only when they deemed it necessary—is now becoming a regulated requirement.
As of December 31st, 2020, the European Union (EU) is requiring that consumer electronic payments over €50 ($60) require MFA. This requirement is defined as part of the Payments Services Directive (PSD2) that took effect in January 2018. A key component of this regulation is called Strong Customer Authentication (SCA). And this is the precise component that requires all EU consumers purchasing anything online will need to provide an additional form of authentication. ...read more!
