Regulatory Alerts2023-01-01
Two-Factor Authentication for Card-Not-Present Transactions
The Bank of Zambia mandates all commercial banks to implement two-factor authentication for Card-Not-Present transactions, addressing high fraud rates in the national payment system. Banks without existing capabilities must deploy this directive by June 30, 2023. Failure to meet the deadline will result in statutory penalties under Section 43 of the National Payment System Act, 2007.
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