Derbyshire shoppers have been warned their debit and credit cards could be declined from Monday.
It’s all to do with a new set of retail payment checks being introduced in the name of preventing fraud.
The incoming rules mean credit and debit card will have extra screening for online and in-store purchases as a measure to prevent identity fraud and clampdown on stolen cards.
Customers will now be sent a code by their bank — usually to their mobile phone — when they make a payment online and they will need to enter this at the checkout for the payment to be approved, reports ChronicleLive.
If banks can’t confirm that the transaction is genuine or the retailer isn’t able to make the checks then the card payment may be declined.
The changes are coming in under new Financial Conduct Authority (FCA) fraud-prevention rules, known as “Strong Customer Authentication” (SCA). The reason behind the move is to add an additional layer of security to protect shoppers and their money.
Some banks have already warned their customers that card payments could be declined as some retailers may not be ready by Monday (March 14).
Here’s everything you need to know about the new rules:
Why are the rules changing?
The new checks are aimed at clamping down on bank card fraud, where crooks go on a spending spree using stolen details.
What exactly is changing?
From Monday, online retailers will be required to verify shoppers’ identities before authorising a payment. A one-time passcode will…
