Since November 2015 new safety rules for paying online stores apply. The new rules are set up to fight cybercrime. The guidelines apply from a payment-sum of 30 euros and more. The do not relate to the two most popular payment methods, PayPal and Purchase on Invoice.
When the customer is using a credit card he will need not only the card verification number but also a second level check: In addition, a password, an additional TAN number or a fingerprint scan is required.
The operators of online shops are concerned that the number of cancellations within the customer’s check out process will increase. However, according to a survey every third customer finds a secure payment method is the most important point while shopping online.
There is no valid data at the moment if the new security rules will really help to fight cyber crime in long terms and how the rules affect on customer’s behavior in the checkout-process. We will take a closer look soon again and keep you updated.