TECHNOLOGY
“ When introduced , this was controversial – and it still is – resulting in a heated consultation . The big issue for some payment firms and merchants was they feared that the introduction of additional friction ( security ) would cause shoppers to abandon their baskets and loss of sales would outweigh any fraud prevention benefits . The regulator had a difficult job in trying to balance concerns , ensuring a level playing field as well as adequately protecting users from fraud . Acknowledging this challenge , the European Banking Authority ’ s chief recently noted that it was their job to make everyone equally unhappy with the rules and guidance that it oversees .”
“FINANCIAL INSTITUTIONS MUST EMPLOY CUTTING- EDGE TECHNOLOGY TO MONITOR TRANSACTIONS AND DETECT SUSPICIOUS ACTIVITIES PROACTIVELY ”
ANDREW NOVOSELSKY CPO , SUMSUB
76 June 2023