UK FB PSD Authentication Delay
On Aug. 13, UK FB issued statement re FCA plans to delay SCA.
- UK finance responded to FCA strong customer authentication implementation plan.
- Follows FCA Aug. 2019 agreed plan re strong customer authentication, see #63825.
- Fighting fraud must be a priority for everyone so the new rules are important tool to protect customers, FCA plan supports UK FB proposals for managed/phased rollout.
- Will ensure timely migration, achieve best outcomes for consumers including security.
- UK FB is working with its members to prepare for these changes and ensure clear communication to customers and retailers, it published consumer Q&A leaflet on SCA.
- It expects providers will have appropriate solutions in place for customers self- authentication, e.g. bank/provider text message, call, banking app, or card reader.
- Via smartphone, this could be done by fingerprint or voice recognition technology.
- Some firms already adopting changes, consumers may have found extra step/s when shopping online, other methods developed in place already, e.g. biometric technology.
- Encouraged anyone concerned about ability to verify online payments to speak with bank/provider, ensure contact details are up to date and discuss available alternatives.
- Payment providers are aware of limitations of some verification forms, e.g. poor sight or no mobile phone, hence, UK FB expects providers will provide appropriate solutions.
||Bank; BS; Corp; MSB
||PR, 8/13/2019; FAQ, 5/29/2019
||Complaints; Compliance; Financial; Legal; Operations; Privacy; Product; Risk; Settlement; Technology; Treasury
||Banking; Cards; Corporate; Deposits; Payments
Last substantive update on 08/14/2019