Payment Services Directive, PSD2 is a new law that was introduced in January 2018 to benefit financial customers to allow them greater control and transparency over their financial data and to protect them in their online financial activities. It came into effect on September 14th 2008
Strong Customer Authentication, SCA
Strong customer authentication (SCA) is the process that validates the identity of you the user when you log in to access online and mobile banking, and for further services such as making payments or changing your address.
What does this mean to you in your daily life?
More security, additional steps to log into accounts and online platforms.
Remember this is to keep your money safe and not squandered in the hands of fraudsters.
How does SCA work?
From the 14th September when accessing your account or approving certain actions, you will be required to authenticate yourself using two out of three of the following:
Something you know – i.e. password or PIN
Something you have – i.e. mobile application
Something you are – i.e. fingerprint or facial recognition
PSD2 came into law in January 2018, which focused on keeping user data and trans-actional details secure and confidential between you and your financial institution or online e-commerce suppliers. Accordingly, all account providers, online retailers etc. are required to comply with these Standards.