As of September 14th, Strong Customer Authentication (SCA) will come into force across the EU and the urgency to prepare for this cannot be overstated. Online businesses will be required to evolve their checkout systems to include an additional layer of authentication for transactions above €30 in value. Similar in scale to GDPR – SCA is the single most disruptive event to impact European digital commerce.
However, with under three months to go, preparedness remains remarkably low. A recent study conducted by 451 Research in partnership with Stripe found that only 44% of businesses aware of SCA expect to be compliant by the deadline. It forecasts that Europe’s online economy stands to lose as much as €57 billion in economic activity within the first 12 months of the regulation taking effect.