Reply With Quote"Taking back control"
Just to point out to anyone who’s missed it the effects of changes in regulations taking effect from today. The changes have implications for TF customers bearing in mind the struggles many have already experienced in getting through the ordering process for ‘hot’ items in the very short time before each buying window closes.
Here are some short extracts from The Telegraph’s report this morning.
https://www.telegraph.co.uk/money/co...raud-measures/
Online shopping chaos fears over new anti-fraud measures
Customers will now be required to verify their identity for all purchases worth more than £25
Shoppers face being blocked from making purchases online because retailers are not prepared for strict new anti-fraud measures being rolled out from this week.
Customers will have to verify their identity when buying anything online that costs more than £25, under new financial regulations aimed at combating online fraud, which costs consumers almost £400m a year. Known as “strong customer authentication”, shoppers will now receive codes via texts or prompts in their mobile banking app which they will have to type in or click on before they can checkout.
...
Customers may also be required to verify their identity with facial recognition or fingerprint scanning software on their smartphone, as well as over the home phone or via email, depending on which bank they use.
...
The City watchdog, the Financial Conduct Authority, has told retailers they must have the correct cyber security software, called “3DSecure”, in place by March 14 to allow banks and card companies to carry out the checks. If retailers have not implemented the systems in time, card payments will automatically decline and businesses will be subject to “enforcement action”.
...
Barclays has issued letters warning of disruption. It told customers: “Some retailers haven't updated their payment systems yet. This means online card payments to them might be declined, even if there's no issue with your card or account.” It also warned of longer wait times at online checkouts.
"Taking back control"
I thought this had been in place for a while? I seem to have to enter a text code for quite a few online purchases. Seems a low amount to be asking for authentication though, particularly with contactless payments been up to £100.
Surely a letter-petition to Mr Wee Smogg....
Bonkers though innit, you can´t spend a relatively small amount without all this hullabaloo whilst shady characters from around the globe seem to make use of the top end of the UK´s Banking system with barely a raised eyebrow, hmmm.
Is this really just for UK customers - will retailer's system differentiate between UK and foreign transactions?
An ideal way would be £20 payment (non refundable) to buy, let’s say, 5 minutes to complete the rest of the transaction. This would ensure no time wasters and you’ll get your “hot watch”
As noted above, I've also had multi factor payment authentication in place for quite some time. It's hit and miss which transactions trigger it, but it's usually reliant on a text or interactive alert sent to a device which you've confirmed is 'yours' through ID etc. With smartphones, that's pretty seamless now.
I do hope they've thought it through with regards to those unable to use such a device though. And they won't have.
Multiple transaction fees to consider then.Originally Posted by drhexagon
I don’t think that would be legal.
'Against stupidity, the gods themselves struggle in vain' - Schiller.
As I understand it, it's the banks (in the UK) who will operate the authentication, and retailers have to have in place a system to allow that to happen. So far as I can see, if an overseas bank doesn't operate this extra level of security - and they're not bound by FCA rules - then the transaction will just go through. Happy to be corrected though.
I've been getting this for a while now. Get a text message from the bank giving me a 6 digit code to be entered onto the screen of my online purchase.
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
Isn't Strong customer authentication (SCA) a EEA requirement?
Invariably it will disadvantage Timefactors customers in the UK as long as it has the current opening times strategy.
I thought that Barclaycard Visa or Mastercard operated the security, not the individual banks.
Last edited by Kingstepper; 14th March 2022 at 14:58.
It was Visa who developed and originally operated the 3-D Secure system, maybe someone else has taken it over now?
R
Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.
I was just using the term 'bank' loosely, rather than trying to identify the different types of financial entity that might be channelling funds to the retailer. It could be a credit card network or provider, it could be a bank (via debit card), perhaps there are other categories, I don't know.
It's not really to the point is it - the new regulations require all FCA authorised operators to add this extra level of security on all transactions for £25+ involving their UK customers.
Some other jurisdictions may already apply similar rules for their financial institutions; some clearly don't.
TBH, I'm not convinced that this will only apply to UK purchasers - VISA/Mastercard are the usual entities and they will also be servicing foreign banks.
Fuss about nothing really, increased security should be seen as good thing. The way Timefactors works is rather bizarre.
I thought I'd quickly google for definitive details of what these regulations require. Apparently the requirement has already been delayed by 6 months as many firms were thought to be struggling to meet the original deadline.
If anyone is interested, here is a link to the relevant FCA webpage.
https://www.fca.org.uk/firms/strong-...authentication
This is the opening summary including a reference to the legislation:
Since 14 September 2019, rules have applied that affect the way banks and other payment services providers check that the person requesting access to an account or trying to make a payment is permitted to do so. We have agreed to give firms extra time to implement these rules in some circumstances.
The new rules, referred to as SCA, are intended to enhance the security of payments and limit fraud during this authentication process.
These rules are set in the Payment Services Regulations 2017 (PSRs) and the related technical standards. They apply when a payer:
- initiates an electronic payment transaction
- accesses their payment account online
- carries out any action remotely that may imply a risk of payment fraud, unless an exemption applies
The requirements apply to 'payment institutions', not to Visa/Mastercard as such who have more of an agency role in the process.
It just seems to me that the introduction of these further mandatory checks for all payments above £25 by UK authorised payment institutions makes it more difficult for the current Timefactors' ordering process with the super-brief buying window to work satisfactorily, in particular because it would appear to introduce a structural disadvantage for domestic customers to be able to buy what they want in competition with customers in some other countries.
Last edited by TF23; 14th March 2022 at 17:21.
I can’t remember from when I purchased my Jubilee, but is there an option to pay using PayPal as an alternative? Would make it easier for UK purchases, though increase the cost very slightly to the buyer due to fees payable.
Eddie doesn’t use PayPal because it has a dispute process that adds extra burden.
Seriously, stop spreading your angst across every thread - people get it but jeez...
When you look long into an abyss, the abyss looks long into you.........
Chris, don't criticise him or his mates will gang up on you! I did that a few days ago and got a virtual kicking from the usual culprits.
The guy's got issues and he uses this forum to vent his angst, probably because no-one else will listen to him. Has he ever posted anything watch-related?????
Calm down Chris nowt wrong with a bit of humour, banter, times like this a good sense of humour/ finely tuned appreciation of the absurd, is essential... maybe you need another holiday in Dubai buddy, lolz.
Hardly angst after all, is it...just the fact, just the facts.
Last edited by Passenger; 14th March 2022 at 23:32.
Easy tiger, blimey you were quick enough off the mark there to follow Chris in... I recall when you were happy enough to take my money to fix'em, hoho.
OOOHHH a virtual kicking, strewth! Do you need a cuddle?
Last edited by Passenger; 14th March 2022 at 23:34.
I was happy to fix your watches before I realised what a pillock you are........times have changed buddy. in case you've forgotten this is supposed to be a watch forum with additional sub-for a, if you ever posted anything watch-related I might be more tolerant of your attitude, political bias and overall negativity towards your country of birth.Easy tiger, blimey you were quick enough off the mark there to follow Chris in... I recall when you were happy enough to take my money to fix'em, hoho.
OOOHHH a virtual kicking, strewth!
But it's across every thread (almost).Calm down Chris nowt wrong with a bit of humour, banter, times like this a good sense of humour/ finely tuned appreciation of the absurd, is essential... maybe you need another holiday in Dubai buddy, lolz.
Hardly angst after all, is it...just the fact, just the facts.
I agree with the sentiments (mostly), but sometimes the 'bleed' is distracting. Just saying.
When you look long into an abyss, the abyss looks long into you.........
I make a fair few watch posts but as I´m neither much of an SC buyer- seller, or like you promoting my hobby job via the forum, there´s only so much to say...I don´t give a fig for your intolerance, which you just can´t seem to help bringing up, hmmm.
Last edited by Passenger; 14th March 2022 at 23:57.
Very well.
We love some facts on TZ-UK.
The 3-D Secure process is part of the SCA authentication requirements introduced by the European PSD2 payment regulation and has been mandatory across the EU (and by extension the EEA) since 2020. Since the UK was still part of the EU back then, it should have been introduced as well in the UK, but apparently hasn't. It's about security and fraud prevention, so hardly a disadvantage.
You may argue that it lengthens the payment process and that may be so, but it's not putting UK buyers at a disadvantage but it's removing an advantage that UK buyers had because the rest of Europe has had it for more than a year (my bank introduced it in 2019 for all card transactions). It hasn't kept me from buying two Timefactors watches a couple of months ago.
Does PSD2 lead to an advantage for US buyers over European buyers? I don't know what security protocols US buyers need to complete for their online shopping, so I don't know for sure. But cross-Atlantic transactions are exempt from PSD2 SCA requirements.
Most UK banks seem to have introduced this already quite a while ago according to some responses on this thread and important to understand that PSD2 explicitly allows consumers to whitelist certain merchants so that SCA does not apply to them (I completed my TF purchases without whitelisting).
Thank you for coming to my TED talk.
https://www.adyen.com/blog/psd2-unde...authentication
Someone who lies about the little things will lie about the big things too.
Thanks, good to see some facts posted.
Just wondering if the new regulations affected purchases attempted during last Sunday’s sale by slowing the process such that a purchase was missed?
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