Strong Customer Authentication

Latest News and Events

Finger Print

Strong Customer Authentication

In 1998 fraudulent e-commerce credit card transactions resulted in losses of £13.6m in the UK. By 2016 this figure had risen to £309m. Partly, the rise reflects the increased use of e-shopping with a quarter of us shopping online at least once per week. But the size of the losses also reflects a growing problem for banks and retailers. 

In response, the EU has brought in new rules which will force shops and e-commerce sites to strengthen the way in which they authenticate purchases. In essence this means that a second level of authentication may be required for certain purchases. Depending on your provider and the technology available this might take the form of a response to a text or phone message from your bank, or even a fingerprint confirmation on your smartphone.

The new rules come into force on 14 September 2019. However in response to concerns raised, including the impact on consumers who may not have access to a smartphone signal in their area, the UK regulator has given the industry eighteen months to develop solutions and roll out implementation.  In the meantime UK Finance which represents the banking and finance sector has recommended that individuals who may struggle with online identification, perhaps because of poor smartphone signal, contact their bank or credit card provider to discuss what alternatives may be available.

If you are looking for advice on investments, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.

Receive the latest news and helpful advice

Sign up below to receive latest industry news and helpful advice on Investment Management and Pensions.

Your email address will not be shared with third parties and will only be used to send you appropriate emails relating to Investment Management and Pensions.