A new process for handling online card payments could soon stop customer purchases if traders don’t comply with the new rules. Adam Bernstein explains the change
Online card fraud is huge and, according to Finextra Research, between 2017 and 2018 £4.1bn was stolen as a result of this type of theft. And to illustrate how personal the problem is, the firm quotes a survey commissioned by comparethemarket.com of 2,000 UK adults which showed that 22% of those surveyed had been defrauded this way in the last year.
Europe has, for some time, been worried about the problem of card fraud. As part of the fight back, from 14 September 2019 a new process known as Strong Customer Authentication (SCA) made under the Revised Directive on Payment Services (PSD2) will be in place which itself came into force in January 2018.
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