73% of retailers have seen a decline in online payment fraud, since the mandatory introduction of Strong Customer Authentication (SCA) in the UK, according to data from Barclaycard Payments.
Since 14th March, all online transactions over £25 have been subjected to two-factor authentication checks, to combat online fraud. This is the biggest change to UK payments regulation since 2006 with the roll out of chip & pin.
Positive Impact for Businesses
On average, the firms had an online reduction in fraud of 25%, as a result 63% of businesses with e-commerce believe SCA has made a positive impact on their business.
Full Compliance
At MCR systems, we have migrated all of our online e-commerce clients to use the new SCA accredited solution from Optomany.
However, the study from Barclaycard shows that 28% of businesses are still not fully compliant with the regulation. The data shows that £2.07 million sales are declined every day because payments are being routed through non-secure channels and failing mandatory security checks.
Prevent Risk
Kirsty Morris, MD, specialist sales, Barclaycard Payments said: "Our data shows that businesses risk losing millions in revenue by not upgrading their systems, so it’s important they look to make the shopping experience as safe and smooth as possible for their customers."
MCR Systems are committed to providing the highest levels of security. If you would like to see how MCR can aid with security processes for your EPOS solution, contact our team to talk about our Cyber Essentials as a Service solutions.