Shoppers could have their debit and credit cards declined as banks introduce new changes from tomorrow (March 14).
As of tomorrow, retailers must check that it is you making the purchase before taking the money from your card which means some customers will face an added step when buying things online.
When making an online purchase, customers will be sent a code by their bank, usually to their mobile phone, which they must enter at the checkout before the payment will be approved.
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However, there is still a chance the payment could be declined if the transaction cannot be verified as being genuine.
If the retailer is not set up to make the checks, this may also lead to payments being declined.
The changes are coming into force as part of a new Financial Conduct Authority (FCA) fraud-prevention rules, known as ‘Strong Customer Authentication (SCA).
The idea is to create a new level of security and help protect shoppers and their money.
But banks have now issued a warning to customer that card payments could be declined if retailers are not ready by tomorrow.
First Direct told current account holders in January: “As we get closer to the regulatory date, the number of times you’ll notice you’re asked to verify it’s you making the payment will increase.
Do you think this change is a good idea? Let us know in the comments below.
“If the retailer isn’t ready for the new process, there could be…
