Data from Barclaycard Payments has found retailers in the UK have lost out on £130m in sales due to not being compliant with new Strong Customer Authentication (SCA) rules.
The rules – which came into effect last month – mean that all online transactions over £25 are now subject to two-factor authentication checks to tackle online fraud.
Since the introduction of the rules, 22,000 transactions a day – or £4.3m – has been declined.
The data has highlighted how two in five online firms have not introduced any new payments technology on their website over the past two years. Despite this, of those that have introduced new technology, 92% of them said the technology they have invested in has improved the checkout experience for their customers.
Barclaycard Payments CEO Rob Cameron said, “One month on from the introduction of mandatory SCA checks, it’s clear that too many businesses are still not compliant and are losing out on millions of pounds in sales as a result.
“The message to retailers is clear; prioritise SCA compliance, simplify the customer journey and take advantage of the latest payments technologies to avoid losing out on sales and customers.”
Copyright © 2022 RegTech Analyst
Copyright © 2018 RegTech Analyst
