Anti-scam rule stops another 2,000 online shopping frauds
Posted onAuthorWilliam I. MartinezComments Off on Anti-scam rule stops another 2,000 online shopping frauds
By Dawood Fakhir (May 10, 2022, 4:19 p.m. BST) – New online payment checks have prevented an additional 2,000 cases of card fraud per month, according to research by Britain’s largest construction company.
The Nationwide Building Society said on Monday that the “strong customer authentication system” put in place by the Financial Conduct Authority was proving invaluable in protecting customers against fraud.
The system allows online shoppers to verify they are making the purchase by responding to a notification on their mobile banking app or entering a one-time passcode sent to their phone. Card issuers can decline the transaction if the buyer fails the authentication process.
“The introduction of new strong customer authentication measures…
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