Skopje, 7 November 2022
In near future, advanced fintech applications will be available to users of financial services through innovative digital technologies. In early 2023, the new Law on Payment Services and Payment Systems will enter into force, which opens up space for developing innovative concepts which will ensure that digital payments are not made only with payment cards, said Goran Jankoski, National Bank’s Chief IT Supervisor, talking about the digital payments security in an interview with Just Ask at the Institute of Communication Studies.
Referring to the security that is guaranteed to consumers when using innovative digital payment solutions, Jankoski emphasized that the EU best practices for digital payment security will also be applied in our country. The novelties will establish additional protection level by applying enhanced identification where the user identity is confirmed by biometric data, entering a code, PIN (received via SMS) or by the user’s mobile phone. Transaction risk analysis will also apply, that is, advanced systems in banks that detect unusual behavior of a payment service user. These security concepts help avoid any malicious or fraudulent behavior.
Alignment with EU laws and regulations through the new Law on Payment Services and Payment Systems provides greater security and safety of consumers as users of new advanced payment services.
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