What is PSD2?
PSD2 is the second Payment Service Directive. It was introduced to improve security, reduce fraud and encourage competition taking into account modern payment methods such as mobile payment and online payment.
Click here to view a video about PSD2: Open Banking. (This link will open YouTube in a new window)
What is Strong Customer Authentication (SCA)?
On September 14th, additional security to protect online payments – known as “Strong Customer Authentication “ – will be introduced in Europe as part of the second Payment Services Directive (PSD2).
What is Strong Customer Authentication?
Strong customer authentication (SCA) is an authentication based on the use of two or more elements
1. Knowledge - something only the user knows. For example, a password.
2. Possession - something only the user possesses. For example, a mobile phone.
3. Inherence - Something the user is. For example, fingerprint or iris pattern.
How will this affect members?
In order to support these additional security requirements, the Online Banking website and Mobile App will be upgraded to include Strong Customer Authentication (SCA). This will only affect members who are registered users of online banking.
1) Whenever a member logs in to their account, they may be asked to take an additional step to further authenticate themselves. This must happen every 90 days.
2) When a member sets up a new payee they will be asked to provide further authentication.
3) If a member wishes to view transactions or documents older than 90 days they must provide further authentication.
What do I need to do?
As a member, nothing currently. Our online banking system including mobile app will automatically upgrade to include SCA. Members who are registered for online banking will recieve an email or letter to inform them of the changes. You will be required to go through additional security features via your phone. As you mobile number will be used as a authentication method, it is imperative that the mobile phone number that we have registered for your account is correct. To view the number registered to you, log in to Online Banking and click the Personal Settings option. If any details are incorrect please contact the Credit Union to update your mobile details.
