Fraud warning: Unauthorised payments rise as COVID ‘accelerates’ move to digital options

“Although it’s good that people are aware of the risk, this palpable lack of trust further demonstrates that card payments have their failings and consumers deserve better choice.

“The days of people paying online with a 16-digit number embossed on a piece of plastic should now be dead as superior technology, that is both more secure and more convenient than cards, namely open banking, provides consumers an alternative.”

Recently, some of the biggest card providers, including Visa, MasterCard and American Express, have laid out plans to update their “3D Secure” processes, which are additional security protocols intended to reduce fraudulent payments.

However, these efforts have been poorly received by consumers who are already using said processes.