Psd2

Mrs_pbradley936

I have just had an email from Barclays telling me to prepare for PSD2.

Can someone explain how this will effect me? I do online banking, buy from Amazon and Ebay. All bills are by Direct Debit all subscriptions by Standing order abou the only other things I do is give my credit card when renewing insurance.

Will I have to be able to receive a text if I want to use my card in Tesco or Sainsbury's?.

badger09

Mrs_pbradley936 wrote: »

I have just had an email from Barclays telling me to prepare for PSD2.

Can someone explain how this will effect me? I do online banking, buy from Amazon and Ebay. All bills are by Direct Debit all subscriptions by Standing order abou the only other things I do is give my credit card when renewing insurance.

Will I have to be able to receive a text if I want to use my card in Tesco or Sainsbury's?.

Have a read here

https://forums.moneysavingexpert.com/discussion/6021774/strong-customer-authentication-now-delayed-changes-to-online-verification

Ergates

Mrs_pbradley936 wrote: »

Will I have to be able to receive a text if I want to use my card in Tesco or Sainsbury's?.

No. When you use your card in a physical shop (as opposed to online), you'd be using chip and pin* - which is already 2 factor so doesn't require any further authentication.

* or contactless which is low value and therefore exempt.

PRAISETHESUN

PSD2 only affects online banking/shopping - you will be required to enter a one-time password to verify your transaction when using your debit/credit card to pay for something online (usually a special code sent by SMS or a call to your landline). Every bank is implementing this differently, but the overall goal is to prevent fraud by requiring two-factor authentication on every transaction.

eskbanker

PRAISETHESUN wrote: »

the overall goal is to prevent fraud by requiring two-factor authentication on every transaction.

Not every transaction - article 16 of the regulatory technical standards defines a low-value transaction exemption from SCA similar to that currently in force for contactless payments:

Low-value transactions

Payment service providers shall be allowed not to apply strong customer authentication, where the payer initiates a remote electronic payment transaction provided that the following conditions are met:

(a) the amount of the remote electronic payment transaction does not exceed EUR 30; and

(b) the cumulative amount of previous remote electronic payment transactions initiated by the payer since the last application of strong customer authentication does not exceed EUR 100; or

(c) the number of previous remote electronic payment transactions initiated by the payer since the last application of strong customer authentication does not exceed five consecutive individual remote electronic payment transactions.