The Financial Conduct Authority (FCA) has agreed to delay new rules on online payments for 18 months to help industry bodies prepare for the new changes.
The new rules are known as Strong Customer Authentication (SCA) are to come ins to effect on March 2021, and will provide online users an additional layer of verification preventing fraud.
Eric Leenders, managing director of personal finance at UK Finance said, “Fighting fraud must be a priority for everyone and these new rules will be an important tool in protecting customers, helping keep them safe when they shop online.
“Today’s FCA plan, which supports our proposals for a managed rollout, will help the industry ensure a timely migration to SCA and result in the best outcomes for consumers while effectively balancing both convenience and security.”
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