PSD2 is on its way but in many respects it feels like it will never happen. So much is still undefined; it’s not yet transposed into national law, the complete Regulatory Technical Standards are not issued and much is still open to interpretation. Given this uncertainty, it is not unreasonable to take a wait and see attitude to preparation – after all it’s likely to be more than a year before you will be expected to apply PSD2 to your payment operations.
A laissez faire attitude to preparing your fraud operations for PSD2 may however be a bad move. NOW is the right time to get ready.
Read our executive brief Getting Your Fraud Operations Ready for PSD2 so that you can understand the three reasons why you should act now:
- You will want to secure payments with Transaction Risk Analysis – but that will bring fraud challenges.
- You will have to monitor fraud rates in a new way – and you need to get ready to do that ahead of time.
- PSD2 means the data landscape for fraud will constantly change – you need to get the right toolkit in place so that you can adapt with it.
As you prepare for PSD2 you may need expert help. People and organizations that understand both the complex legislation and the ways in which you should prepare are not common. All PSPs are working to the same deadline – so the closer we get to enforcement, the scarcer the resources to help you will become.