John Karantzis commented on this
Dermot McCann• 2nd
CEO | Founder | Investor | Advisor | GAICD Board Director
4h
Good summary
Michel van Aalten on the impact of
hashtag#CNP fraud which is growing in
hashtag#Australia at 15% and costing over $500m a year. As in Europe under
hashtag#PSD2hashtag#SCA will be mandatory for merchants
hashtag#consenthashtag#cdrhashtag#finance @GetPriviti
hashtag#priviti
The low-down on Australia’s new card fraud frameworkAdd a comment…
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John Karantzis 1st degree connection1stCEO, iSignthis Ltd (ASX: ISX): Payments / Transactional Banking /Neobanking41m
Not sure I agree with most of this article. There is nothing "mandatory" that AusPaynet can enforce as they are not a regulator. Despite claims in the article that SCA will be 'regulation', it is a voluntary code for card issuers and acquirers. The mandatory route was tried before by Auspaynet, and the ACCC shot it down for good reasons. EU's SCA approach is officially this week a shambles - most regulators have postponed implementation by 18 months for a number of reasons. Whilst we are a principal member of Visa, Mastercard (In Australia and the EU), we are only mandated to *support* SCA in Australia from 2020. There is nothing in the mandate that requires us to use it. Far better is the risk based SCA approach advocated by the schemes and Auspaynet itself in the code, rather than a blanket SCA approach as appears to be advocated by this article.
