Credit and debit card holders have been warned that their card may be DENIED on Monday. From March 14, supermarkets, big box retailers and retailers will verify that you have made payment before withdrawing cash.
Customers will receive a bank code from their branch, which they must then enter when checking out. If they can’t verify it, the payment will be declined.
The rule changes come into force in a bid to stop fraudsters capitalizing on Britons. The pandemic and shutdowns have triggered an increase in financial crime and scams.
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The Mastercard card provider estimates that one in four payments will require additional verification. However, some online transactions are exempt. But these are only the ones that pose minimal risk.
The following should be checked: online payments over £25; and online payments up to £25 when you have made multiple consecutive payments totaling more than £85; and new or changed recurring payments. Mike Cherry, President of the Federation of Small Businesses, said: “With the current turbulent economic conditions, small retailers already have a lot on their plate and may not have the bandwidth to handle this on their own, especially if a small online retail operation is a bolt-on primarily brick-and-mortar business.”
First Direct told current account holders: ‘As we get closer to the regulatory date, the number of times you will notice you are being asked to verify that it is you who is making the payment will increase. If the merchant is not ready for the new process, your card may be declined.”
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