With the deadline for Secure Customer Authentication (SCA) fast approaching, KPMG has said that the new rules will help boost customer trust in financial institutions.
The deadline for the implementation of SCA is next Monday 14th March.
Banks have been preparing for the new rules since September 2019.
“Recently, financial institutions have been faced with rising fraud rates as well as an intense period of change and uncertainty which has cast doubt in the eyes of the consumer in banks’ ability to keep their assets safe and support them through times of need,” said Adam McElroy, director, cyber security at KPMG UK. “But this new added layer of security will put more ownership in the hands of the consumer in terms of sharing their personal verification information, helping to restore that all important trust factor.”
He added that, facilitated through Open Banking, banks are now “at the heart of the digital economy”.
“…strengthening the connection between a bank and their customers through SCA should engender deeper trust and revitalise people’s confidence in modern banking,” said McElroy.
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