The new verification system was supposed to introduce a new layer of security from mid-September.
Getty ImagesBanks and retailers had been expected to introduce a new layer of security from mid-September.
"While these measures will reduce fraud, we want to make sure that they won't cause material disruption to consumers themselves, so we have agreed a phased plan for their timely introduction." Exemptions were also possible, such as if a retailer decided that the purchase was low risk, or the bank could prove to the regulator that it has a good record on fraud.
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