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EU toughens up security rules for electronic payments

Staff Writer |
Electronic payments would be more secure - both online and in brick-and-mortar stores - and better protect consumers' data while maintaining competition in e-commerce, as envisioned by new rules adopted by the European Commission.

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Under the new rules, electronic payments will require a two-step security check: a physical item, such as a bank card or a phone, combined with either a password or a biometric feature, such as a fingerprint.

The more stringent security requirements will also allow third-party financial providers - such as online services used to initiate payments, or ones to view information from bank accounts - to have secure access to consumers' bank details.

The move is meant to help EU financial technology companies keep up with global competition in the field of providing electronic payments.

Unless EU member states or the European Parliament object, the rules will go into force in late 2019.


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