The revised Payment Services Directive (PSD2) regulates new market players, enhances consumer protection, ensures competition and harmonises payments regulations across Europe.
In order to enhance consumer protection and to reduce the risk of fraud, PSD2 requires the use of identification methods known as strong customer authentication (SCA). Strong customer authentication, as provided for in PSD2 and in regulatory technical standards developed by the European Banking Authority, is currently being rolled out. The strong customer authentication provisions are technologically neutral and do not prohibit specific devices.
Any consumer experiencing difficulties with accessing their accounts through online banking should contact their bank to find an SCA compliant method of verification that works for them.
I am informed that the Central Bank continues to engage with industry to ensure that any obstacles that customers face in accessing their online payment accounts are promptly addressed, whilst also ensuring that banks continue to meet their strong customer authentication obligations.
