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New Rules Could See Your Bank Card Getting Declined More Often

New Rules Could See Your Bank Card Getting Declined More Often

New rules could mean that your bank cards are declined more often, even if you've got plenty of cash in the account.

Don't be annoyed, though. This is all an attempt to try to crack down on fraud. If that means that you have to put your card into the machine a bit more frequently, that's a small price to pay, right.

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This is all because we've changed the way we pay for things drastically since the advent of contactless payment. However, with that comes a new battle against financial crime.

Credit: PA
Credit: PA

The Financial Conduct Authority put forward new rules in September that could see tougher procedures put into place to make you prove that you are who you say you are, rather than someone just idly swiping a card at a machine.

Under the new rules, one in five contactless payments will be blocked, requiring you to enter your PIN. Payments will also be blocked if consecutive payments add up to more than €100 (£84) - even if it isn't the fifth consecutive payment, according to the Liverpool Echo.

The one-in-five PIN authentication will not apply to those using Apple Pay or Google Pay, as they have their own methods of authenticating payments such as fingerprint scans.

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Credit: PA
Credit: PA

In the case of online payments, more sites are now going to ask you for text authorisation when paying.

These rules are being phased in right now, but every single bank must be compliant with them by March 2021.

So if you're paying for stuff over Christmas that is in somewhere you don't normally shop, then you might be subject to added security checks.

On top of that, if the card is used quickly five times in a row, you'll likely be asked for a PIN.

Credit: PA
Credit: PA

Christo Georgiev, CEO of UK payment solutions company myPOS, said: "Tap and Pay is undoubtedly more convenient than any other payment method available today and customers love it.

"And the recently introduced limit of five consecutive taps without a PIN is actually good for your security.

"You shouldn't panic when your card is declined once the limit has been reached, just continue using your card but make sure you can enter your PIN to complete the transaction."

Featured Image Credit: PA

Topics: uk news, Interesting

Tom Wood

Tom Wood is a LADbible journalist and Twin Peaks enthusiast. Despite having a career in football cut short by a chronic lack of talent, he managed to obtain degrees from both the University of London and Salford. According to his French teacher, at the weekends he mostly likes to play football and go to the park with his brother.” Contact Tom on [email protected]

 

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