In the latest edition of our payments industry watch, we take a look at several publications dealing with the fight against fraud.
Below is a summary of these publications.
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In the latest edition of our payments industry watch, we take a look at several publications dealing with the fight against fraud.
Below is a summary of these publications.
In the UK, the Payment System Regulator (PSR) requires PSPs to reimburse their customers in the event of an Authorized Push Payment (APP) scam.
There are exemptions for gross negligence or intentional fraud, but overall, the PSR's position is much more restrictive than the option taken in the draft Payment Services Regulation (PSR), which only imposes reimbursement in cases where the fraudster impersonates the PSP.
The annual report of the OSMP (Observatoire de la Sécurité des Moyens de Paiement) notes that by 2022 :
- Strong authentication mechanisms have enabled card payments to achieve a lower fraud rate than in previous years;
- However, OSMP insists on the need to reinforce authentication when creating direct debit mandates or enrolling a card in a wallet;
- Although down, cheque fraud remains the highest of all payment methods;
- The future deployment of SoftPos acceptance systems requires special attention from manufacturers and retailers to secure the associated environments.
Finally, EMVCo has published a security repository that can be used to test and certify strong authentication solutions. This repository assigns roles to 3 actors in the authentication chain:
- The "authenticator", responsible for collecting and processing authentication factors,
- The "verifier", responsible for validating the user's identity by checking authentication factors,
- Binding between user/authenticator and authenticator/verifier to ensure security and non-repudiation of authentication.
For more information, or if you would like to receive our complete watch, please write to us: contacteznous@oaklen.eu
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