This request comes in the light of EBA backing of the banking industry at the expense of the European ecommerce sector and the growth of the Digital Single Market, according to an Ecommerce Europe press release. Since the RTS’ inception, the European Banking Authority’s approach to balancing enhanced security, competition and convenience has been controversial. The EBA’s initial draft envisioned all online transactions above EUR 10 to go undergo enhanced security measures.
The association fully supports the need to address, and reduce, the rising levels of fraud in Card-Not-Present electronic transactions. Nevertheless, the EC and EBA’s proposed one-size-fits-all approach could create unreasonable and inconvenient burdens on online customers, putting European online merchants at a further disadvantage to their traditional brick-and-mortar and non-European competitors.
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