Data: New payment regulation could cost unprepared retailers £3.65m a day

online shopping credit card payment

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.

Retail Week

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 minutes before your account is updated.