The new measures, under Strong Customer Authentication (SCA), will come into force on 14 March to stop fraudsters and online scams.
More verification will be needed when making online payments to prove your identity – here’s everything you need to know about the new anti-fraud rules.
What are the new anti-fraud rules?
The new rules mean more checks, such as a text or call to your mobile, will be required for certain payments.
For example, you may be sent a one-time code by your bank to prove your identity when making an online purchase.
Or you could also be asked to log into your bank’s app to verify your spend.
SCA will be required for almost all online purchases above £25, UK Finance said.
Multiple low-value payments could also require verification.
The new rules mean it is important for customers to keep their contact details up to date with their bank, so they have a means to contact you if you need to verify a payment.
Otherwise you could risk having payments declined or blocked if your bank can’t carry out its checks.
When do the rules start?
The new rules start from 14 March, however, you may have noticed the extra security checks already, as some card issuers began implementing SCA checks from 18 January in preparation for the full rollout.
The rules were introduced by the Financial Conduct Authority (FCA) and were due to be enforced from September 2021 but were delayed due to the Covid…
