In Payzy, you don't need to worry about a thing! COSMOTE Payments is a licensed Electronic Money Institution by the Bank of Greece and adheres to all necessary measures for the maximum security of your Payzy account.
Every transaction in Payzy is executed by complying with all mandated PSD2 security measures and after Strong Customer Authentication (SCA) has been completed, in accordance with European regulatory requirements.
Strong Customer Authentication (SCA) is a European regulatory requirement aimed at reducing fraud and increasing the security of internet and remote payments. SCA requires the use of at least two out of the following three elements:
Something the customer knows (e.g., password or PIN)
Something the customer has (e.g., phone or hardware token)
Something the customer is (e.g., fingerprint or facial recognition)
To achieve Strong Customer Authentication in Payzy, it requires:
- A mobile phone that has been enrolled during registration in Payzy with a security key and is possessed by the customer.
- Mandatory use of a password known by the customer.
- Sending a Push Notification to the device for each payment attempt and awaiting approval using FaceID or FingerPrint, indicating the customer's identity."