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Online anti-fraud ‘time bomb’
18 July 2019
Tough new anti-fraud rules could make it nigh on impossible for online retailers to process transactions and cost businesses millions of pounds worth of sales, according to the British Retail Consortium.
From September 14 all purchases worth more than £30 will require two-step authentication, such as a bank card and password, or a mobile phone and a fingerprint. The aim is to make online transactions as secure as those in a shop, where the chip-and-PIN system operates.
The BRC’s Andrew Cregan said: “The government and Financial Conduct Authority must ensure a consistent and coordinated approach to implementation, clearly explaining the upcoming changes to consumers and businesses alike if we are to avert significant disruption.”
Liberal Democrat MP Chuka Umunna said he was “staggered the government is not doing more about this ticking time bomb for online retail which is on track to cuase major disruption.”
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