Banks & Shops to roll out new anti fraud measures

Banks & Shops to roll out new anti fraud measures

New Anti Fraud measures There was a 19% rise in the amount of money lost to fraud on UK payment cards last year compared to 2017. The amount lost is estimated to be around an eye-watering £671 million. In order to try and combat this rise, banks and shops are starting to gradually roll out […]

New Anti Fraud measures

There was a 19% rise in the amount of money lost to fraud on UK payment cards last year compared to 2017. The amount lost is estimated to be around an eye-watering £671 million. In order to try and combat this rise, banks and shops are starting to gradually roll out new measures designed to reduce card fraud and make transactions safer. The measure, known as strong Customer Authentication (SCA), originates from an EU directive which has been designed to reduce payment card fraud across the continent.

Customer Authentication (SCA) directive

This directive was designed to be fully implemented by banks and retailers on 14th September when it comes into law but the Financial Conduct Authority (FCA) has delayed enforcing the law for 18 months until March 2021 because many of the banks and retailers saw the September 14th deadline as unrealistic for them to have been able to develop their technical solutions and issue guidance on the changes to their customers. Providers not being ready would have caused significant disruption to any online payments and so the FCA has taken the view that a staggered introduction of the new measures would be a more prudent course of action to take.

Additional verification

Under the new measures to combat fraud, if an online shopper wants to spend more than around £28 in a single transaction, the payment providers will be required to ask for an additional form of verification. This would usually take the form of a one-time passcode that would be sent by the bank to your mobile phone. Alternative methods of verification could include the use of a thumbprint on a smartphone or voice recognition.

If you are shopping in a store you may now be asked for additional verification by sometimes being asked to enter your pin on a contactless payment or a mobile wallet transaction.
These new measures are aimed to cut down on any fraudulent online activity and this can only be a good thing for banks, retailers and consumers. Confidence in online transactions should rise as incidents of fraud decrease and people feel much more secure in what they are doing. The continuous research into newer and more secure technology will not stop here, as there are new technological breakthroughs, there will always be unscrupulous people looking to exploit any loopholes in the security of the tech.

PCI compliant payments

At Daniels Silverman we have invested heavily in our state-of-the-art payments technology and systems. Our 24/7 Member’s Area portal is there to allow our clients to upload debts directly onto out system in a safe and secure manner.

We ensure that all transactions that are made via our systems, whether it is a customer repaying a client debt, or Daniels Silverman returning recovered money to our clients, are as secure as possible. Our technology is underpinned by Quality Management systems ISO 9001 and 27001 as well as adhering to PCI Security Standards, meaning every transaction made is safe and secure.

We want our clients to feel reassured that the systems already in place at Daniels Silverman are at the forefront of security and that we are constantly looking to develop our technology to make collecting debts for our clients as easy, stress-free and secure as possible.

If you would like to find out more about our anti fraud measures and how Daniels Silverman can help to support your business either through our white labelled credit control services or our professional and debt recovery services, please do get in touch. You can contact us via the website where our friendly team would be happy to answer your questions or alternatively you can call us to speak to someone directly.

http://www.Danielssilverman.co.uk/contact

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