MARTIN LEWIS' MoneySavingExpert has urged Brits to check their contact details are correct with their bank or face having payments declined.
The consumer website said transactions may be blocked if customers fail to update details from as early as this summer under new anti-fraud rules.
Banks were initially told by financial watchdog Financial Conduct Authority that they need to verify a customer’s identity before allowing certain online transactions by September 14 2021.
But because of the impact of Covid, this has been pushed back six months to March 14, 2022.
However, the FCA said it will start checking if banks are rolling out the rules this month.
You'll be able to make up to five payments under €30 (roughly £25) or every €150 (roughly £130) you spend online before being asked to verify who you are.
While shoppers will have to enter their pin for payments over £25 when paying in store.
Shoppers will be sent a verification code via text, phone call, email, a generated card reader or banking app to enter online to prove it's really them.
How to protect yourself from fraud
USE the following tips to protect yourself from fraudsters.
- Keep your social media accounts private – Think twice before you your share details – in particular your full date of birth, address and contacts details – all of this information can be useful to fraudsters.
- Deactivate and delete old social media profiles – Keep track of your digital footprint. If a profile was created 10 years ago, there may be personal information currently available for a fraudster to use that you’re are not aware of or you have forgotten about.
- Password protect your devices– Keep passwords complex by picking three random words, such as roverducklemon and add or split them with symbols, numbers and capitals.
- Install anti-virus software on your laptop and personal devices and keep it up to date – This will make it harder for fraudsters to access your data in the first place.
- Take care on public Wi-Fi– Fraudsters can hack or mimic them. If you’re using one, avoid accessing sensitive apps, such as mobile banking.
- Think about your offline information too – Always redirect your post when you move home and make sure your letter or mailbox is secure.
But if your contact details are wrong and your card provider cannot reach you, then your payment could be declined, MoneySavingExpert warned.
It reported Santander is already verifying payments, while Barclays, Barclaycard and HSBC will roll out the changes from this month.
MoneySavingExpert warned customers to check their bank has their correct phone number – for both mobile and landline – and email address.
If you need to update your details, you can do so online or through your bank’s app in most cases – although some require you to call up.
It comes as one in three Brits have fallen victim to a scam, with millions handing over personal information that has cost them financially.
A study of 2,000 adults by secure messaging platform Letterbox revealed 30% have been tricked by a text, email or social media message pretending to be from a legitimate person or company.
Martin Lewis has also issued another warning to drivers to check their car insurance ahead of a renewal policies rule change.
He also reminded couples earlier this month to claim back a tax break worth up to £1,220.
Plus, he's shared a savvy saver's trick to buying designer clothes for just 20p.
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