UK banks warn card rules to hit online purchases


Banks are warning online shoppers that cards could be declined when new payment rules come into force, stopping millions of pounds worth of transactions every day










Britain’s biggest banks have warned online shoppers that their cards could be declined when new payment rules come into force next month, stopping millions of pounds worth of transactions every day.

As part of new measures to prevent fraudsters from using stolen credit and debit card details, people will be asked to take additional steps to confirm their identity, such as entering an access code unique message sent by SMS, a PIN code or the obligation to use a card reader. or log in to a banking app.

The additional controls from March 14 will be applied in particular to the most expensive items.

Additional checks: As part of new measures to prevent fraudsters from using stolen credit and debit card details, users will be asked to take additional steps to confirm their identity.

Experts have warned that many businesses are unprepared and could see a ‘significant’ drop in the number of people making their payment online.

HSBC told customers: “Some online retailers may not be ready to request these additional checks. This means that your online card payment could be declined, even if there is no problem with your account or your card.’

Barclays has also sent an email to its customers warning them that they may start to see declined transactions.

Ian Corfield, chief commercial officer of NewDay, which issues around a sixth of the UK’s credit cards, said “tens of millions of pounds” of transactions could fail every day if companies miss the deadline.

Some card issuers started declining transactions in January to prepare for the March deadline.

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