The banking industry is warning consumers that they will face changes to how they access and use their online and mobile banking services in the coming weeks.
The Banking and Payment Federation Ireland (BPFI) says the introduction of the second Payment Services Directive or PSD2 will bring better protection and reduce fraud through the introduction of enhanced security steps.
However, consumers could face inconvenience when accessing online and mobile banking services from 14 September unless they read and follow instructions they get from their bank, it says.
That is the date that the new European wide measures, known as 'Strong Customer Authentication', come into effect.
From that point on, customers will have to go through additional steps when accessing their online and mobile banking services, generally an additional security step.
"It is vital that consumers take the time to carefully read the information provided by their bank in relation to PSD2," said Gill Murphy, Head of Payment Schemes at BPFI.
"This information will outline what changes customers can expect as well as any actions that they may need to take in order to ensure continued access to their online accounts without interruption."
According to the BPFI, if customers need to make changes they will have received notification from their bank in recent weeks.
Actions may include registering or updating their mobile phone number or downloading an updated mobile app.
The arrival of PSD2 will also bring with it so-called Open Banking, a system that will enable third party providers to offer new services to customers securely.
These may include the ability to see online banking accounts across different institutions in one place or the ability to pay directly from a bank account rather than having to use a debit or credit card when buying online.
The BPFI is holding a week-long awareness campaign to bring the public's attention to the changes.
Source: www.mypsd2.ie
