Online Payment Protection

Recently has been applied the new regulation about online payments where, again, EU is leading the security worldwide.

With the new regulation to confirm any online payment the user is required to use multiple elements to avoid any kind of fraud.

Usually those elements are something the user has, like a personal smartphone, and something the user knows, like a PIN or password or their replacement like a face ID or a fingerprint.

That’s pretty secure. If you lose your smartphone nobody will have the other part. If you lose your face, or your mind, or your finger, well… Your money is covered.

This means, and this is not a joke, that when I arrive to the gas station to refuel my car I have an application so that I can order and pay the fuel without having to enter into the office and avoiding queues.

So I just have to unlock the phone with my face, well, first remove the mask, open the app, select the station, the pump, the car, the gas type and the amount and enter a PIN to confirm the payment.

And then, and that’s new I have to, without closing the gas application on the same smartphone open the bank app, unlock it with my face, wait for a notification (that can be between 1 minute and never arrives), enter a password and then go back to the gas app to wait for another notification (between 1 minute and never arrives again) and then the pump opens.

I’ve been able to achieve it once in the last 7 attempts. So it’s clearly possible.

But having discovered that some fraud is still happening online and that is not 100% secure the EU has created a new committee that is working hard to improve this security.

They already have a first draft that proposes something like this: first you have to do all the previous verifications. Then there will be an additional step where you should send a photo of yourself including your ID, the credit card clearly visible plus a handwritten paper with today’s date, the name of the company you’re paying, the exact amount and your signature.

Then the bank should process all this information to authorize the payment.

Everything will be online and, supposedly, fast.

Banks, having read this first draft are considering if they should invest in artificial intelligence to automate this process or if it will be cheaper to buy Brussels to avoid the Committees can meet again.

Laws & Technology.

Security & Agility.

Forced to understand each other.

This will be fun. Prepare your pop corns.