From mid-September, online banking will be safer for consumers, but also more complicated. The reason is an EU directive aimed at preventing fraud on the Internet. Instead of previously only available number and PIN code, online banking now requires a pushTAN code. This one gets – depending on the bank – either via an app or partly via SMS.
In fact, the Payment Services Directive (PSD2) of the EU should also have stricter rules for online payments for Internet purchases. However, the Austrian Financial Market Authority (FMA) granted a grace period to allow additional time for technical adjustments to payment service providers and trading companies. Until when, not yet determined, said FMA spokesman Klaus Grubelnik to APA. At the end of September, a meeting of the European Banking Authority EBA will take place. There were also objections in other countries.
The postponement does not apply to online banking. Here, the new regulations apply Europe-wide from 14 September. When logging in online, customers have been informed about the planned changes for several months. At Bank Austria, for example, two-factor authentication will apply from 9 September. More often than now, you are asked to enter a transaction number (TAN) to become less prone to fraud. In addition to a PIN or password, a card with a chip or a smartphone, the identification can also be made using a biometric identification (fingerprint, iris, voice).
The abolition of TAN codes via text messaging at some banks, such as Raiffeisen and Erste Bank, causes problems for consumers. There, one is almost forced to install an app on the smartphone, on which you get these pushTAN codes in the future.
It gets complicated for customers of banks that no longer offer SMS TANs and that do not have a smartphone. These need a TAN generator, so a device on which one gets TAN codes sent. "The banks are making this device available, but not for free," Bernd Lausecker, a financial expert at VKI, criticized in the APA call. Basically, the tightened security measures at the Association for Consumer Information are welcomed, but in the implementation hapere it. Other alternatives for customers who do not have a smartphone are also missing.
"Many banks are putting everything on the smartphone. We recommend separating the devices, "said Lausecker. Say that the release of the TAN code via app on the phone, but the actual transfer is done on the computer and not on the smartphone.
By the way, when paying in the supermarket or in the shop, nothing changes. Contactless payment will continue to be possible.