The aim of the changes is to increase the level of collateral used for the electronic provision of online banking. Unfortunately, this can mean trouble for users.
The new legislation introduces a number of changes, but from the point of view of customers the most important seems to be the introduction of the so-called "strong authentication" and the application of secure communication standards. Their introduction provides an opportunity for fraudsters to obtain our data and, consequently, to empty the bank account.
The Committee on Financial Supervision draws attention to the need for special caution, as criminals can use the implementation of new solutions to try to extort confidential information
The essence of change
The second Payment Services Directive (PSD Two) is Directive 2015/2366 dated 25 November 2015 on payment services in the internal market, amending Directive 2002/65,Directive 2009/110,Directive 2013/36 and Regulation (EU) 1093/2010 and repealing Directive 2007/64. This is the continuation of the PSD directive with 2007 The new directive responds to the progressive digitalisation of payment services. Its effect is to increase the level of customer security in its relationship with payment service providers.
There will be many changes, but the ones that customers will feel most will be related to the way banks verify the customer. Strong authentication will be required to obtain electronic access to the account or to carry out transactions. It will consist in the need to specify an additional (above login and password) authorisation method.
Banks will be able to decide on their own solutions. They will be able to rely on biometry or code input from the application to generate authentication codes. Some banks are already informing their customers about the changes. The change will also concern the permanent charge of the card (e.g.
a fixed rent fee order) or the charge of the previously given card (e.g. by the Uber application), which could have been done so far without additional authorisation.
KNF Warning
The Committee on Financial Supervision draws attention to the need for special caution, as criminals can use the implementation of new solutions to try to extort confidential information.
KNF pays particular attention to all types of telephone contacts, e-mails or text messages citing the entry into force of new solutions, where the client is asked to provide information containing confidential data. Criminals thus want to obtain electronic banking login data, authorization codes and personal data.
Our doubts should also raise information about the account being blocked and asking for a change of password or other data to log in using a sent Internet link, request to open an attachment, install the uploaded application, open by email or SMS. In case of any doubt, it is safest to notify them to the competent service provider.
Further amendments
The implementation of the PSD2 brings with it the changes felt by all. Progressive technology does not always keep up with market practice. On 13 January 2021 The European Commission will report on the review of PSD Two and propose another PSD directive if necessary[3]. This will happen if the report reveals the inadequacy of the PSD2 solutions to the progressive digitalisation of payment services.