This paper assesses the impact of the new strong customer authentication (SCA) requirements introduced by the revised Payment Services Directive (PSD2) on the security of remote payments in Italy. We find that the regulation was effective in improving remote payments security, saving consumers several million euros in terms of less fraud on online transactions. Using a model for panel data, we estimate that SCA reduces the risk of fraud by 60 percent for remote payments made by card and by 80 percent for e-money payments. We also find that the transactions for which the regulation provides an exemption from SCA requirements are relatively safe.

中文翻译：

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监管对零售支付安全的影响：来自意大利监管数据的证据

本文评估了修订后的支付服务指令 (PSD2) 引入的新的强客户身份验证 (SCA) 要求对意大利远程支付安全性的影响。我们发现该法规有效提高了远程支付安全性，减少了在线交易欺诈，为消费者节省了数百万欧元。使用面板数据模型，我们估计 SCA 将卡远程支付的欺诈风险降低了 60%，将电子货币支付的欺诈风险降低了 80%。我们还发现，法规豁免 SCA 要求的交易相对安全。