If you’re spending less than £25 in a single transaction online, the answer is probably not that much, but if you’re spending more than this, you’ll have to go through two-factor authentication.
All regulated banks and building societies in the UK should have their two-factor authentication processes in place already, but not all retailers will be ready for these changes. As a result, you might find that over the next few months some of your online payments will be declined if the retailer hasn’t yet got these in place, or is having teething issues sorting this out. If you know that there’s nothing wrong with your card or your account, it’s most likely that the issue is on the retailer’s side so you might need to contact them to see if there are any other ways you can pay.
The new rules might take a little getting used to at first when you’re checking out online, but in the long run, two-factor authentication should only add a minute or two to the checkout process and it’s hoped that this will protect thousands of people from falling victim to fraudsters.
Certain methods of payment already have two-factor authentication built in. For example, Apple pay uses facial / fingerprint authentication or password authentication before the payment is processed.
You might also find that you’re asked to enter your pin more frequently than before when you’re paying with contactless in shops, depending on the value of your purchases.