FICO Survey: Swedes Confused About PSD2 Changes to Payments

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Customer Development

STOCKHOLM – 5 June 2018

Despite the major changes the Payments Services Directive 2 could make to EU payments, few Swedes know about the new EU directive, now being introduced. A new survey from analytics software firm FICO, executed by SIFO, also shows that few Swedes are prepared to share their banking information with a third party, and there is a mixed view on whether PSD2 will lead to an increase or decrease in fraud.

Under PSD2, consumers can give third parties permission to access their bank information, such as their deposits. This means that third parties can perform payments directly from the user’s bank accounts. Consumers will also have multiple payment options when conducting a transaction.

Only 36 percent of all respondents knew about the directive. The lowest awareness is among the young, from ages 16-24, where only 29 percent know about it.

”PSD2 will greatly change how we make payments in the future and usher in a lot of new payment services,” said Dylan Jones, who oversees operations in the Nordics at FICO. “Our survey shows though that few consumers know about the directive, which suggests that it will take some time before customers are ready to give third parties the necessary access in order to be able to take advantage of the new services that will launch.”

Few Willing to Provide Data Access

Many Swedes are hesitant to give third parties access to their banking information. Nearly half of the respondents, 46 percent, do not want to share information with any third party, and 32 percent are uncertain about it. Among those willing to share data with third parties, the bigger retail chains such as COOP and ICA are the most popular, and respondents said they are least likely to share information with Facebook.

”In order to take advantage of PSD2, third parties must gain consumers’ trust,” said Jones. “Our survey results show that we mostly trust those who have been around in our lives for quite some time. We are least likely to trust the big social media platforms, which have been tainted by recent data sharing scandals.”

Uncertainty Regarding Fraud

Half of Swedes surveyed reported they are uncertain about how PSD2 will affect fraud. Among the rest, 17 percent believe the directive will increase the amount of fraud, while 18 percent believe it will reduce fraud.

”Unfortunately, we see a risk of PSD2 creating new opportunities for criminals, who can take advantage of the confusion that follows a change in processes or communications from banks,” said Jones. “The more uncertainty there is around the directive, the greater the chance for criminals, which is why banks need to be much clearer with their customers. They not only need to inform customers about the likely impact of PSD2, but also about stronger customer authentication processes and ensure customers have access to the necessary authorization tools when needed.”

For more information on fraud prevention and PSD2, visit:

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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

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Richard Yams for FICO
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Steven Weber
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