Elon's Vision
  • Contacts
  • Privacy Policy
  • Terms & Conditions
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Elon's Vision
No Result
View All Result
Home Investing

UK shoppers face more identity checks when buying online

by
March 14, 2022
in Investing
0
UK shoppers face more identity checks when buying online
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

Online shoppers in the UK face more identification checks when paying for purchases on the internet from Monday, as new rules to clamp down on fraud come into force.

The new Strong Customer Authentication (SCA) requirements will change the way people confirm their identity when using their debit or credit cards to make online purchases, and are expected to lead to more card payments being declined. It is the biggest change to card payments since chip and pin was rolled out 16 years ago, and is designed to reduce the £376m lost to online fraud in 2020.

The measures are similar to those already faced by people logging into online banking. Customers will be asked to prove their identity when making a purchase by confirming two of three “factors”: something they are, for example by providing a fingerprint or facial ID; something they know, such as a passcode or password; or something they have, such as their mobile phone.

The two-factor authentication checks mean that customers may be asked to verify a purchase via a one-time passcode sent by text message, which they then have to enter on screen. Other confirmations include answering an automated phone call to a landline or mobile or signing into a banking app.

Some types of transactions are exempt from the requirements, mainly purchases deemed at “low risk” of fraudulent activity, such as when buying low-cost items, or repeated purchases such as subscriptions. High value purchases, or those outside a buyer’s normal spending habits or transacted on a previously unused device, are likely to prompt the extra security checks.

Mastercard expects about 25% of online transactions to require some form of extra verification by the customer from Monday, compared with only 1% of online purchases previously.

Some card issuers began declining some non-compliant transactions from mid-January as part of the “ramp-up” to SCA’s full implementation.

Barclaycard research found that in February, more than 1.2m online transactions worth more than £100m were declined, and retailers lost sales as a result. About 14% of shoppers noticed an increase in their online payments being declined and 37% headed to another retailer to complete their purchase.

A spokesperson for the banking and finance industry body, UK Finance, said SCA “is an important tool in the fight against fraud, adding an additional layer of protection when people pay online using a card”.

She added: “Customers should make sure their bank has their correct contact details. If a customer has any specific needs, they should contact their bank to discuss what help is available.”

The British Retail Consortium said retailers had been getting their systems ready for many months to enable them to process the extra security checks.

Tom Ironside, director of business and regulation at the BRC, said: “The BRC and our members have worked with suppliers to ensure multiple fraud checks are performed behind the scenes and any additional friction is kept to a minimum. Customers should be reassured that buying online has never been safer.”

Read more:
UK shoppers face more identity checks when buying online

Previous Post

Defence firm Sheffield Forgemasters told to end contract with Gazprom

Next Post

Marks & Spencer to open Early Learning Centre outlets in stores

Next Post
Marks & Spencer to open Early Learning Centre outlets in stores

Marks & Spencer to open Early Learning Centre outlets in stores

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
  • Trending
  • Comments
  • Latest

Jay Bhattacharya on Public Health

October 12, 2021

That Bangladesh Mask Study!

December 1, 2021

Antitrust Regulation Assumes Bureaucrats Know the “Correct” Amount of Competition

November 24, 2021
Pints of champagne could be the next ‘Brexit dividend’

Pints of champagne could be the next ‘Brexit dividend’

December 24, 2021
Wimbledon winners to pay up to £1.3m in tax as HMRC claims £17m from prize pot

Wimbledon winners to pay up to £1.3m in tax as HMRC claims £17m from prize pot

0

0

0

0
Wimbledon winners to pay up to £1.3m in tax as HMRC claims £17m from prize pot

Wimbledon winners to pay up to £1.3m in tax as HMRC claims £17m from prize pot

July 4, 2025
Bank Capital Standards

Bank Capital Standards

July 3, 2025
Psychedelic Legalization

Psychedelic Legalization

July 3, 2025
Freedom of Speech Is Worth Celebrating, as Europe Ramps Up Prosecution of “Hate Speech”

Freedom of Speech Is Worth Celebrating, as Europe Ramps Up Prosecution of “Hate Speech”

July 3, 2025

Recent News

Wimbledon winners to pay up to £1.3m in tax as HMRC claims £17m from prize pot

Wimbledon winners to pay up to £1.3m in tax as HMRC claims £17m from prize pot

July 4, 2025
Bank Capital Standards

Bank Capital Standards

July 3, 2025
Psychedelic Legalization

Psychedelic Legalization

July 3, 2025
Freedom of Speech Is Worth Celebrating, as Europe Ramps Up Prosecution of “Hate Speech”

Freedom of Speech Is Worth Celebrating, as Europe Ramps Up Prosecution of “Hate Speech”

July 3, 2025

Disclaimer: ElonsVision.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Contacts
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 ElonsVision. All Rights Reserved.

No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 ElonsVision. All Rights Reserved.