1. Payment service providers shall be allowed not to apply strong customer authentication where the payer initiates a remote electronic payment transaction identified by the payment service provider as posing a low level of risk according to the transaction monitoring mechanisms referred to in Article 2 and in paragraph 2(c) of this Article.
2. An electronic payment transaction referred to in paragraph 1 shall be considered as posing a low level of risk where all the following conditions are met:
(a) the fraud rate for that type of transaction, reported by the payment service provider and calculated in accordance with Article 19, is equivalent to or below the reference fraud rates specified in the table set out in the Annex for ‘remote electronic card-based payments’ and ‘remote electronic credit transfers’ respectively;
(b) the amount of the transaction does not exceed the relevant exemption threshold value (‘ETV’) specified in the table set out in the Annex;
(c) payment s
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