What this means for your business
You can’t underestimate the impact online fraud can have on your business, so it’s vital you understand what you can do to prevent it and keep your business safe.
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Payment Services Directive 2 (PSD2)
It’s time for smarter, stronger, safer security
The Payment Services Directive (PSD2) is a new European payment legislation designed to make online payments more secure and, importantly, more difficult for fraudsters to access your details. You may have heard this referred to as Strong Customer Authentication (SCA).
To help protect your business, we’re enhancing our online security features and changing how you interact with our payment services.
- Bankline users will log in and authorise payments using an upgraded smartcard reader with Quick Response (QR) functionality.
- Commercial credit card users will have to pass more security checks when they buy goods and services online. An increased number of everyday transactions will need authentication, rather than just high-risk actions, as is currently the case. For online payments and credit transfers, additional authentication will be required.
- Online Banking (OLB) users will be asked to prove their identity more often when using OLB, making online purchases with their card, or making contactless payments.
There will be times when we’ll need to confirm your identity, so it’s important we have your current contact details. Providing your mobile number, email address, or using the app on your smartphone are the best ways for us to do this.
What is Strong Customer Authentication?
When making certain online transactions, we’ve put in extra security steps to help prevent online fraud.