Disruptive Competition Project - "The European Banking Authority (EBA)’s new security standards for online payments are now being reviewed by the European Commission. They are soon to be finalised. Having listened to feedback, the proposals are now much better than they were. But the potential for some surreal outcomes remains. The current proposals mean that when paying for something online (flight ticket, groceries, new dress) whether or not you need to follow extensive security procedures would not be based on your behaviour, or the track record of the shop you are buying from in detecting fraud. The fraud record of the purchaser’s bank is what would count."