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Interactive Investor users banking with First Direct see payment declines

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Written by:
03/03/2022
Customers with an HSBC or First Direct account are having payments declined when attempting to invest their money on the Interactive Investor platform.

Customers have reported being unable to make debit card payments to the investment platform when using their HSBC or First Direct accounts.

Interactive Investor said it has seen a massive increase in ‘soft declines’ from HSBC and First Direct customers, and has raised this issue with its debit card provider.

The investment platform explained that these debit card declines relate to new payment regulations to safeguard against fraud.

The regulations – from 3DS1 to 3DS2 – include a strong authentication process. While they come into effect on 14 March, some lenders have adopted them early.

“As a result, we have also adopted the new standards early (from 1 Feb). Moreover, we use a system called 3DSFlex which allows the payments to be successful whether the customers bank is using the old 3DS1 standards or the new (not yet mandatory) 3DS2 standards,” Interactive Investor said.

“We have been monitoring this and can see successful 3DS1 and 3DS2 payments going through our system.”

It added that despite the debit card declines from HSBC and First Direct, there is a “normal success rate for all others in respect of debit card payments”.

Where a customer’s debit card transaction is not successful, money can be sent via a faster payment, which will be allocated to a customer account usually by close of business the next working day.

First Direct began rolling out the strong customer authentication rules from the end of 2018.

It said it has identified an issue impacting a small number of customers, and has taken steps to ensure payments can be processed going forwards.

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