BANKS AND SHOPS ROLL OUT NEW ANTI-FRAUD MEASURES
Aruba, September 5, 2019 – Have you been asked by your bank recently to input a one-time passcode in order to complete an online transaction?
It seems more and more of us have, as lenders and credit card companies gradually start to roll out new measures to reduce card fraud known as Strong Customer Authentication (SCA).
On Monday, John Lewis alerted customers to potential changes they might see when making payments in its stores or via its website. A number of banks and credit card providers – as well as the likes of Apple and payments solution provider Stripe – have also published advice.
What is Strong Customer Authentication?
SCA originates from an EU directive designed to reduce payment card fraud across the continent.
Banks and retailers had been expected to introduce the measures on 14 September, when the law will officially change, but many were not ready.
Instead the Financial Conduct Authority has effectively delayed it, saying it won’t enforce the law until March 2021.
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