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Finance Minister Paschal Donohoe said the Central Bank was aware of some issues around the full implementation of SCA by December 31

Finance Minister Paschal Donohoe said the Central Bank was aware of some issues around the full implementation of SCA by December 31

Collins Dublin, Gareth Chaney

Finance Minister Paschal Donohoe said the Central Bank was aware of some issues around the full implementation of SCA by December 31

A number of banks and online retailers have yet to implement changes aimed at making online payments more secure.

It has sparked concern about some consumers being unable to complete online purchases in the new year.

A European Union directive requires banks and retailers to upgrade their payments systems by the end of this month in order to comply with Strong Consumer Authentication (SCA).

The new rules represent one of the biggest regulatory changes to the world of payments in decades and will affect both merchants and consumers.

The legislation requires businesses and banks to build an extra layer of authentication for online card payments.

This means consumers buying online will have to confirm their identity using two authentication methods, such as a password or their fingerprint.

The system is required to be in place by January 1.

Finance Minister Paschal Donohoe said the Central Bank was aware of some issues around the full implementation of SCA by December 31.

In a Dáil reply to Labour's finance spokesperson Ged Nash, Mr Donohoe said the pandemic prompted industry bodies from across the EU, including the Banking and Payments Federation of Ireland (BPFI), to seek a further extension to the deadline beyond this year.

"We are now coming up close to the deadline," Mr Nash said.

"It is very concerning that the Central Bank has said there may be issues in Ireland around full implementation of these rules by December 31."

Mr Nash added that the five main banks need to clarify for their customers if there will be any disruption when they try to make payments from January 1.

Compensation

Meanwhile, a majority of people want to see compensation payouts slashed, with four out of 10 saying they know someone who has made a bogus insurance claim.

The results of a survey commissioned by insurance brokers CFM Group come as judges consider realigning injury award levels in the courts, which are more than four times higher here than in the UK.

The survey of 1,000 adults found that eight out of 10 want to see compensation payouts greatly reduced.

It also found that women are more in favour of capping compensation payments than men.

More men than women say they know for sure that someone has made a false claim.

"The crux of the matter is that the higher the cost of claims, the higher the premium the business or employer is charged," CFM managing director Jonathan Hehir said.

A recent Government-appointed commission, headed by former High Court President Mr Justice Nicholas Kearns, found that court awards here are four-and-a-half times higher than those in the UK.

Britain has moved to reduce its award levels since these findings.

The new Judicial Council is due to publish fresh guidelines on award payout levels in Ireland before July 31 at the latest.

The hope is that these guidelines will recommend lower levels of awards for various injuries.


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