PSD2 – Increased security of Internet payments using Strong Customer Authentication (SCA)
We will be introducing some improvements to your Online Banking experience & Mobile App over the coming weeks.
These changes are in preparation for compliance with European banking regulations – Payment Services Directive 2 (PSD2) – which come into force on September 14th 2019. These regulations bring additional safety and security to your online banking. These changes are being introduced in order to protect consumers from increased online fraud. This additional security is known as Strong Customer Authentication (SCA) and will be introduced in both our browser-based services and Mobile App.
What is the Payment Services Directive (PSD2)?
PSD2 aims at reducing the risk of fraud for electronic transactions and enhancing the protection of the customers’ data.
For all electronic transactions, the SCA will mean that two or more of the following independent elements will be used:
1) Knowledge – Something only the user knows (password, PIN…).
2) Possession – Something only the user possesses (key material…).
3) Inherence – Something the user is (fingerprint, voice recognition…).
When will Strong Customer Authentication (SCA) have to be applied?
The following actions will require SCA from 14th September 2019 however some may be introduced earlier:
* Logging in to your Online BankingSetting up new payees
* Viewing transactions older than 90 days
* View e-Statements
* View Documents older than 90 days
How will my experience change?
As part of these improved security measures you will log on as normal but you may be required to provide additional authentication via your phone.
How will that affect Mobile App users?
There will be a new version of the Mobile App to cater for these changes and you may be prompted to update your app.
Importance of your Mobile Phone Number
It is imperative that the mobile phone number that we have registered for your account is correct.
To view the number registered to you, click the Personal Settings option in Online Banking.
If any details are incorrect please contact the Credit Union.
When we communicate with you we will never ask you for your card number or PIN and we will never advise you to transfer money out of your account. Should you encounter any of the above requests you should report it to your Credit Union immediately.
For more information please visit our office or contact us by email email@example.com
Blanchardstown & District Credit Union PSD2 Framework Contract available HERE