November 21, 2016Blog Posts

EU rules to stem payment fraud may disrupt six billion euros of e-commerce: Visa

Reuters:

The European Union’s planned rules to reduce fraud by forcing the use of passwords or codes to authenticate electronic payments above 10 euros ($10.60) risk disrupting online shopping and may not increase security, Visa said on Tuesday.

As cybercrime and online fraud are on the rise, the European Banking Authority, the EU’s banking regulator, proposed in August draft technical standards to prevent illegal activities, including the passwords.

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