The UK’s Financial Conduct Authority (FCA) has confirmed an 18-month delay to the introduction of Secure Customer Authentication (SCA) rules in a bid to give firms more time to prepare.
As one of the most important legislations affecting the financial sector, the requirement stipulates stronger payment security standards for higher value transactions based on multifactor authentication, increasing the security of electronic payments.
The FT reported that the FCA said it will not take “any action against firms that are not ready for the rules in September, as long as there is evidence that they have taken the necessary steps to meet its longer transition plan, which will require firms to fully comply by March 2021.”
According to data published by the FCA, reports of cyber incidents at financial services firms increased 1,000% in 2018, and this figure is only expected to rise with the growth in mobile payments....