On-line payments to become more secure
New European payment legislation is coming in to play in September 2019, which is designed to make online payments more secure – and make it more difficult for fraudsters to access your details.
To help protect your business against increasingly sophisticated online fraud, an extra level of security checks will be added for online payments. This is called Strong Customer Authentication (SCA).
From 14 September 2019, you may be asked to confirm your identity more often when you make a payment online. A unique one-time passcode (OTP) will be sent to you by text to your mobile phone or email. The 6-digit code will be required to complete the online payment.
Recently, the UK regular has granted an 18-month phase-in period to give banks and businesses more time to prepare for these new requirements. As a result, we don’t expect banks to fully require SCA for payments from UK cards until March 2021.
However, it is really important you keep your contact details up to date, so you can continue to make payments online. THE ISCE is currently undertaking an upgrade of its payment processor system in Stripe to comply with the regulation.
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