It is getting very difficult to carry out financial transactions online because I do not carry a mobile phone. In response to the new regulation, Strong Customer Authorisation (SCA), banks insist on texting an authentication code and offering no alternative, other than going into the nearest branch. This presents another difficulty because where I live there are no branches left. I’ve been forced to close an online-only Santander savings account … because I was unable to access it. Banks are effectively forcing customers to carry a mobile. RE, Littleover, Derby SCA is the result of a European Union directive to help prevent card-not-present fraud, which cost the UK £506m last year. It requires verification of customers’ identities, one of which is sending a one-time passcode texted to a phone. It was supposed to become mandatory in the UK last September, but the regulator, the Financial Conduct Authority, agreed to allow 18 months for the roll-out for everyone to adapt. A survey by the campaign group Which? found that 13% of respondents had a poor mobile signal at home and 4% did not own a phone, leading to fears that older or poorer customers may be shut out of the online… Read full this story
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