A new system designed to tackle fraud in online shopping has been delayed for 18 months.

Banks and retailers had been expected to introduce a new layer of security from mid-September.

This would normally see a passcode sent to a customer’s mobile phone at the point of checkout for online purchases of £28 or more.

However, following pressure from the industry, the City regulator has effectively granted an 18-month delay.

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Jonathan Davidson, from the Financial Conduct Authority (FCA), said: “The FCA has been working with the industry to put in place stronger means of ensuring that anyone seeking to make payments is not a fraudster.

“While these measures will reduce fraud, we want

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