COVID has delayed the second Payment Services Directive, or PSD2, in Europe, allowing card and payment providers to meet new authentication required standards by December 31, 2020. While this effects Euro cardholders by ensuring payments are performed with multi-factor authentication, this also has a reaching effect in the US as we have now become an easier target for fraud and illegal activities. We’re taking a look this week at the requirements of PSD2, and how the U.S. can protect itself or come up with similar legislation.
Clearent Connects is the in-house podcast for Clearent, your partner for payments. Each week, we’ll help unravel some of the mystery of what happens when a customer puts their card into a terminal or clicks “Buy Now” online. Featuring interviews with technology experts and stories from small business owners, we’re here to share tips and strategies on keeping your business growing with the changing technology and times.
This information does not, and is not intended to, constitute legal advice and is provided for informational purposes only. Contact your attorney to obtain advice with respect to any particular legal matter.