Regulations

SCA: SMS One-Time Codes are not OK, says EBA

SCA: SMS One-Time Codes are not OK, says EBA

But you definitely can (SCA) with Onescan

The European Banking Authority (EBA) has published a new opinion on the Secure Customer Authentication (SCA) regulations scheduled to come into force this September. In a view that has caught many by surprise, the EBA says that those approaches that simply rely on One Time Passcodes (OTPs) sent by SMS do not actually comply with the new rules.

You can with Onescan – frictionless PSD2 compliance

You can with Onescan – frictionless PSD2 compliance

The new EU Strong Customer Authentication (SCA) rules, require additional verification for online payments of more than €30, and the site quotes a report in the Financial Times, which says that big changes are required to processes and technology at retailers, banks and payment groups.