Prudential Regulation Authority (PRA)
The Prudential Regulation Authority (PRA) is part of the Bank of England and supervises around 1,500 banks, insurers, and major investment firms in the UK. It ensures financial stability by monitoring capital adequacy, liquidity and risk management. Unlike the FCA, which regulates conduct, the PRA focuses on prudential soundness.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
