Financial Services White Paper

Winning with PSD2:
Delight Customers & Deter Fraud
with Digital Identity Scoring

Financial Services White Paper

Winning with PSD2: Delight Customers & Deter Fraud with Digital Identity Scoring

In an increasingly digital world, card-not-present (CNP) transactions have grown exponentially for eCommerce retailers and financial institutions — and so has the fraud risk. In 2018, CNP fraud expanded 27% costing retailers and banks more than £390 in the UK alone. Additionally, new regulations including the second Payments Services Directive (PSD2) and Strong Customer Authentication (SCA) are making an already complex ecosystem even harder to navigate for financial institutions processing payments, retailers and the consumers they mutually serve.

Revenue from eCommerce sales is anticipated to grow to more than £442 million ($600 million US) in 2020 as consumer buying trends continue to favor seamless transaction experiences and one-click purchases. While there’s much to be gained in participating in the digital transaction environment, financial institutions are simultaneously accountable to prevent fraud in accordance with PSD2.

While the opportunity of eCommerce and the responsibilities of complying with PSD2 may seem at odds with one another, implementing solutions like a Digital Identity Score can help financial institutions identify customers with active intelligence, giving you the ability to delight customers and deter fraudsters in tandem.

In this report you’ll learn:

  • The total cost of fraud: more than just lost sales and operational costs
  • The impact of the second Payment Services Directive (PSD2) and Strong Customer Authentication (SCA)
  • The best practices for integrating machine learning and dynamic data in digital identity verification
  • The importance of the universal digital identifier – the email address

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