Anti-Scams Rule Stops 2,000 More Online Shopping Frauds

By Dawood Fakhir (May 10, 2022, 4:19 PM BST) -- New payment checks online have prevented an additional 2,000 cases of card fraud a month, according to research by Britain's biggest building society.

Nationwide Building Society said on Monday that the "strong customer authentication system" introduced by the Financial Conduct Authority was proving invaluable in shielding customers from fraud.

The system allows online shoppers to verify that they are making the purchase by responding to a notification on their mobile banking app or by entering a single-use 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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