Checkout.com, which recently raised $1 billion at a $40 billion valuation, notes that Strong Customer Authentication (SCA) is now “mandated across all of Europe and businesses have had to make changes to make sure they are compliant.”
The team at Checkout.com writes in a blog post that there is “the opportunity to go a step further, though.” The Fintech firm also mentioned that businesses “can take SCA from a box-ticking exercise in compliance to part of a strategy that crafts a competitive advantage.”
Checkout.com further notes that the question for businesses should “not be ‘if’ but ‘how’. In other words, how to apply SCA protocols so that fraudsters are kept at bay and customers are protected without too much interruption to their shopping experience.”
According to the Fintech firm, the answer is “partly technological (in the form of 3DS2 protocols); partly data-driven (knowing enough about the customer and their transaction); and partly strategic (knowing when it makes sense not to apply SCA and so avoid unnecessary friction in the customer journey).”
Checkout.com confirms that it works with businesses to “help them work through these considerations, and optimize their SCA strategy.”
Checkout.com also notes that their 3DS solution “allows for a wide range of exemptions to be set up, including payments below €30 (with some exceptions); payments to trusted businesses; exemptions on subscriptions and other recurring transactions; low-risk purchases defined by transaction risk analysis (TRA); and corporate payments made with virtual and lodge cards (typically used for business travel expenses) or from central travel accounts.”
As noted in a blog post, SCA has “proved a successful part of keeping fraud at bay.” Checkout.com pointed out that “leaning into it and developing a strategy based on data will put you in the driver’s seat.” And finding the right partner will be “the best way to create a unique strategy that considers the intricacies of your business and its needs.”
In another recent update, Checkout.com notes that Finland’s crypto broker, Coinmotion, has teamed up with Checkout.com “to make it easier than ever for its customers to use its services.”
Coinmotion claims to be the leading cryptocurrency broker in the Nordics. Its focus is on “bringing crypto to the masses with easy-to-understand and transparent crypto solutions and services.”
Established back in 2012, it’s one of “the oldest professional service providers in Europe.” During the past few years, it has served more than 150 000 clients worldwide “with brokerage, custody, payments & cards, crypto-lending, and crypto-credit lines.” (Note: to learn more, check here.)
