Most of the UK’s online shopping customers from now on may face chaos while making their favorite purchases via the web as the new anti-fraud rules will make it mandatory for consumers to enter an online banking security code received via their smartphone to complete a purchase.
Yes, what you have read is right! Those shopping across Britain might have to keep their mobile phone numbers updated with their banking institutions to enjoy the benefits of online shopping. If they fail to do so, they might miss a golden opportunity to shop on the web during the fast-approaching shopping season.
But critics say that those without mobiles or face network issues at their homes with mobile phones might feel the online shopping benefits ridiculed as their accounts could be locked out if they fail to enter the security codes on time.
But banks such as Santander and HSBC argue that the online shopping process only attains success only if the shopping code is entered correctly within a stipulated time. If the consumer misses it by any chance, the transaction gets canceled sending the alert to the online shopper about the failed purchase.
Most of the major banks haven’t warned their customers about the new rules and will surely refuse their customers from whitelisting their favorite retailers.
How the thing is supposed to work is as follows-
Just go to the shopping website and click on the good you want to buy. It will then take you to the payment page where you need to enter your CVV, card expiry date or long card number. To get the transaction verified, you just need to enter the banking code sent by the bank server to your mobile via SMS or email account. And to succeed the transaction, one needs to input the security code to complete the payment for the product/service purchase.
Note 1- Banks suggests that all these procedures are being implemented to benefit their customers who could otherwise find their accounts drained with fraudulent transactions.
Note 2- The official deadline announced by the Financial Conduct Authority for the online retailers and banks is September 14th, 2019. But there is a high probability of the deadline getting extended by 4-6 months.