LexisNexis Risk Solutions conducted a poll of UK Banks to implement SCA

By Joy Dumasia

LexisNexis Risk Solutions, the global data and analytics company, conducted a poll which stated UK banks had welcomed the six-month extension to implement Strong Customer Authentication (SCA) for e-commerce transactions, with 42% planning to use the extra time to improve and enhance the sophistication of their SCA roll out plans.

The poll, conducted during a UK Finance webinar entitled ‘Addressing CNP Fraud in 2021: A Deep Dive into the Anatomy of a Payment Journey’ and attended by nearly 500 UK financial services professionals, reveals that UK banks and financial services plan to utilise the SCA deadline extension to March 2022 to enhance their PSD2 strategy. 

The poll also asked respondents how their organisation shared fraud risk intelligence across the online customer journey. Only a minority (12%) indicated that they did share intelligence across all areas of their customer journey, suggesting that some financial services organisations may be wasting an opportunity when it comes to leveraging intelligence in remote payment channels. 

Dan Holmes, Solutions Director at LexisNexis Risk Solutions, said: “The results from the poll were very interesting. They suggested that some issuers are pressing on with SCA compliance, while others remain cautious – leveraging the extra time given by the deadline extension suggests that issuers may have been preparing to do the minimum to meet requirements and then build out post-September. They will now, however, take advantage of the extension to improve delivery sophistication.”

Recently, IBS Intelligence reported that LexisNexis Risk Solutions, the global data analytics provider, has announced its merger with Accuity, creating one of the largest global providers of financial crime compliance solutions, operating in more than 100 countries.