Data: New payment regulation could cost unprepared retailers £3.65m a day
Customers must now prove their identity when shopping online as two-factor authentication becomes mandatory for ecommerce in the UK.
SCA will require shoppers to verify themselves each time an online transaction occurs by entering a one-time password alongside their card details. This could include verifying a purchase via text message or a designated app.
The new requirements are designed to tackle the amount of money lost to online fraud, with SCA regulation for online shopping following the introduction of two-step verification for online banking by the Financial Conduct Authority in March 2020.
Subscription content
Please sign in now if you have a subscription or are already registered with us.
Register for free to continue reading
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
- Two free article views per calendar month on Retail-Week.com
- Detailed analysis of current trends and events
- Exclusive newsletters
- In-depth reports, videos, interviews and much more
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few moments before your account is updated.
