New Anti-Fraud Measures Introduced for Online Shoppers
New security measures have come into effect as of 14th March 2022, to help reduce the occurrence of online fraud. Customers will notice some changes to the way they shop online, including more identification checks at point of purchase.
The new Strong Customer Authentication (SCA) requirement is basically a Two-Factor Authentication (2FA) measure, which will be familiar to individuals who use online banking.
The SCA requires customers to provide additional verification, which could include, something they are (for example, facial recognition), something they know (for example, a password), or something they have (for example, a code sent to their mobile phone). Not all online transactions will involve this level of security – for example, low value items and repeat purchases may be exempt, but higher value sales will require this Two-Factor Authentication.
The rules, introduced by the Financial Conduct Authority (FCA), were initially planned to be effective a year ago but were delayed to give retailers more time to adapt. The legislation came out of the European Banking Authority and was approved as UK law prior to Brexit.
With the rising number of digital transactions taking place, it’s predicted that these measures will significantly reduce online fraud. At Vertu Motors we’re committed to keeping our customers safe online, so will be adding these additional measures to protect your online transactions.
As a result, individuals looking to purchase a vehicle through Buy Online will have to provide extra security details to complete their sale. In order to make this process as simple as possible, we advise that customers make sure their bank has the correct personal details on file. Should you have any questions whilst shopping online, you can also chat to one of our Click2Drive advisors who will be happy to help.
The online security of our customers is extremely important to us, so you can trust that we have the correct measures in place to help prevent online fraud.