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Banks will be required to introduce SMS payment veriification
RG2015
Posts: 6,066 Forumite
The BBC report on the link below is saying that banks will have to introduce mobile phone verification for online payments from Sept 2019. I had not heard this before nor seen any discussions on this forum.
I also think that the option of phoning in for security verification is more of a risk of fraud than the current measures such as card reader verification.
PS. It does say that there may be other acceptable methods of secondary verification and possible exemptions but is not very clear on this. It does appear to be a rather sloppy piece of reporting.
https://www.bbc.co.uk/news/business-46399707
I also think that the option of phoning in for security verification is more of a risk of fraud than the current measures such as card reader verification.
PS. It does say that there may be other acceptable methods of secondary verification and possible exemptions but is not very clear on this. It does appear to be a rather sloppy piece of reporting.
https://www.bbc.co.uk/news/business-46399707
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Not sure why this is news as some banks already insist on 2F authentication via SMS, eg Lloyds, Halifax, BoS (for certain transactions at least).0
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It is about online credit/debit card payments to shops etc now being required to be extra authorised by SMS in future as an additional step.
It is not about payments from within online banking accounts being required which already exists for many banks as part of their 2FA new payee setup procedures.0 -
It is about online credit/debit card payments to shops etc now being required to be extra authorised by SMS in future as an additional step.
It is not about payments from within online banking accounts being required which already exists for many banks as part of their 2FA new payee setup procedures.
Sorry I wasn't very clear, i was referring to 2FA which the Lloyds banking group apply to certain transactions (especially high value) made via debit/credit card online. Nothing to do with online banking.0 -
They don't apply it to all transactions though whereas this new regulation will apply to all online transactions over 30 Euros.Butch_Dingle wrote: »Sorry I wasn't very clear, i was referring to 2FA which the Lloyds banking group apply to certain transactions (especially high value) made via debit/credit card online. Nothing to do with online banking.Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.0 -
Already had this experience when funding an investment account via First Direct debit card. I discovered that FD has two separate systems holding your mobile phone number and one of these held old details for me, so I had to phone FD to update it.
Why oh why are we adopting insecure and deprecated forms of 2FA, when even HMRC has embraced the more secure TOTP, which doesn't require a mobile or wifi signal?0 -
The BBC report on the link below is saying that banks will have to introduce mobile phone verification for online payments from Sept 2019.
We'll have left the EU in March 2019 so we can unadopt the regulation.
With more people using smartphones SMS isn't two-factor authentication anyway.A kind word lasts a minute, a skelped erse is sair for a day.0 -
I don't have any desire to turn this into yet another Brexit thread but there does seem to be a tendency for people to interpret the UK's implementation of EU directives as if they were something that we wouldn't otherwise be doing, but is there any evidence that the UK would be seeking to reverse PSD2 and the like? In other words (assuming Brexit happens), we will have the right to unadopt but do we have any desire to do so?Owain_Moneysaver wrote: »We'll have left the EU in March 2019 so we can unadopt the regulation.0 -
It is if a user's smartphone requires entry of some secret to unlock it and the smartphone doesn't display SMS messages when it's locked.Owain_Moneysaver wrote: »With more people using smartphones SMS isn't two-factor authentication anyway.0 -
It is if a user's smartphone requires entry of some secret to unlock it and the smartphone doesn't display SMS messages when it's locked.
Yes this is the case on my iPhone where - even though i get a SMS notification - the actual SMS content can only be read after I have unlocked the phone, whether by passcode or FaceID. This option can be switched off but I prefer to leave it on for privacy/security.0 -
I think it is being touted as a replacement to the old Verified by Visa which is now defunct0
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