First posted Monday March 14, 2022

If the title seems a bit alarming and harsh, it is meant to be, because it is true. There may be those credit and debit card users that have their cards declined beginning today, March 14, 2022.

Why you may ask???

It is due to additional and increased security measures being used by banks and credit card companies. And while these additional security measures are to protect us, and them, they do require us to jump through an additional hoop to get a transaction approved; in some instances.

These additional security measures are mostly about verifying our identity, protecting us from fraud and ID theft. And with the contactless card amount now at £100, these may prove to be good measures.

Someone gets your bank card, they can spend up to £100, just by flashing the card at the card terminal.

So who and what will trigger these changes?? Each bank may have different reasons or a different criteria to cause a new level of security to be introduced.

Some banks may send you a security code via your mobile phone, which you need to use that code to complete the sale or transaction.

Some banks may ask you to log into your mobile banking app and approve the transaction in the app.

Regular direct debits or standing orders will not be affect by these new measures. The new security features will be for what a bank deems a “high risk” transaction. This may be an online purchase, or a purchase in another country.

The issue many bring up is if your bank sends you a code to your mobile phone, or asks you to log in to your mobile banking app, and you have no mobile signal….then what? You cannot approve the transaction.

Hopefully in this day and age of now 5g, we won’t have that issue, in addition to all the WiFi spots everywhere.

So something to keep in mind beginning today, when you use your credit or debit card.

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