PSD2 will bring changes to online banking, BPFI warns consumers

Tuesday 27 August 2019 14:00 CET | News

The Banking and Payment Federation Ireland (BPFI) has warned consumers to be prepared for impending changes in how they can access and use online and mobile banking services as PSD2 looms.

The changes, expected to be rolled out after the 14 September 2019 deadline, will provide increased protection for consumers and businesses by adding extra layers of security and reducing fraud.

The increased security measures, known as strong customer authentication (SCA), will manifest in varying ways depending on which provider a person banks with. However, there will likely be an additional security step before customers can access online accounts.

Customers will be advised in coming weeks by their banks with regard to any actions they may need to take in advance of the new regulations being implemented, such as registering or updating their mobile phone number or downloading an updated version of their banking app.

Speaking at the launch of a new BPFI awareness campaign, Gill Murphy, the organisation’s head of payment schemes, said: “It is vital that consumers take the time to carefully read the information provided by their bank in relation to PSD2.

“This information will outline what changes customers can expect as well as any actions that they may need to take in order to ensure continued access to their online accounts without interruption. It is important to remember that these changes are being introduced across Europe to help counter fraud and provide better protection for consumers and their online accounts.”

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Keywords: The Banking and Payment Federation Ireland, BPFI, PSD2, online banking, mobile banking, security, SCA
Countries: World