PSD2: looking for safer online payments

The SCA, the star measure to protect your data and money.

In 2007, the first European payment directive went into effect. It was called PSD1. A standard that created a single online payment market in the European Economic Area and that sought to enhance the security of banking transactions. However, given the advances made in technology since 2007, a second version sprung to life ten years later, a version known as PSD2. This standard aims to further enhance the security of payment transactions for the benefit of consumers, with measures that will go into effect from 14 September. 

One of its purposes is to improve the authentication of digital payments by applying SCA (Strong Customer Authentication). This measure, that predictably take a time more in apply for the complexity and the impact that has for consumers and shops, compels to check the authenticity of the customers using 2 or 3 factors between the following ones: something only the customer knows (such as a password), something only the customer has (such as their phone) and something only the customer is (such as a fingerprint or face).

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Biometric data: unique and inimitable protection

This last category, which is called "something that only the customer is," offers the safest option when making an online transaction. Why? It is based on a very advanced and complex hacking technology (more than just traditional passwords) that captures the biometric characteristics of the customer (which cannot be transferred to other people) and uses them to verify their identity in each transaction

We are talking about biometric data, the use of which is not new to BBVA, since we were the first to make iris identification available to our customers. This system guarantees greater security in your mobile transactions and avoids having to remember cumbersome passwords and patterns. We were also pioneers with the launch of the Immediate Registration service, which allowed anyone to open an account using facial recognition (specifically, by taking a selfie), and in allowing the use of this method to make payments.

Is SCA obligatory?

Security is a priority in this new regulation, and, naturally, for BBVA as well. That is why we work every day to offer our customers the best measures to protect their money and data. And so, thanks to our technological capabilities, you will be able to simplify your daily transactions and enjoy a satisfactory user experience, even with the new features brought about by the application of SCA. 

This is possible because in those cases where it's not required by law and where our security measures indicate that everything is under control, we won't require the customer to undergo the dual authentication.

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The "invisible" measures in the spotlight

Everyone knows of our commitment to new technologies and big data, which has allowed us to develop and adapt tools and services that, despite going unnoticed by our customers, are part of everyday transactions, protecting their money and data from any potential malicious attacks. 

Complementing this protection is the BBVA app, which can turn into a one-stop device for tracking all your finances. And not only our accounts or cards, but also those belonging to other banks, thanks to our Aggregation Service. With just one glance, you can view the status of your cards or accounts, or the latest transactions made, as well as many other features. 

Security measures that, in keeping with the PSD2 regulation, have allowed our customers for some time now to do any online transaction risk-free and without having to resort to SCA.

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