Secure transactions

Measures that will go into effect with PSD2.

From the September 14 start to apply the RTS (technical norms of regulation) associated to the directive PSD2. This measure is an update to the PSD. One of its main goals is to enhance the security of online payments in the European Economic Area. 

These protection measures, with the SCA (or dual authentication) leading the way, will affect both traditional financial institutions and TPPs (or third-party providers), whose status in the online payment environment is enhanced. Why? The new regulation requires banks to establish secure access channels to their customers' information (with the consent of the latter), which will require the banks to enhance their security.

Although the directive start to apply in September, for the complexity and the impact that has for the consumers and the shops, is elaborating a plan that owe be validated with the national authority for determine when leaves to comply with the requirements of the reinforced authentication (SCA) in e-commerce .

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New security requirements

The PSD regulation, which is currently in effect, only requires one authentication factor, usually a password, to validate any online payment. The new PSD2 directive goes a step further by requiring payment service companies to use at least 2 or 3 of the following factors to validate any online transaction

  • Something the customer knows: for example, a password
  • Something the customer has: for example, their smartphone
  • Something the customer is: for example, their fingerprint

These factors will be requested in every online transaction for the sole purpose of creating a "risk-free" operation.

All in on security

For BBVA, security is also a priority. This led it, for many years, to develop and update "invisible" measures for customers with the aim of protecting their money and data from malicious acts. 

Tools and services resulting from its leadership in the Digital Transformation and its constant support of technology and big data. And joining them now is the SCA, for those cases where it is required by law and in those where it is essential for security reasons. For everything else, our aforementioned "invisible protection" is what will keep the consumer safe. 

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As a complement to this, and through the BBVA app, the customer can turn their smartphone into a one-stop device for tracking all their finances (accounts and cards), whether from BBVA or another bank. How? Using features such as "turn your cards on and off" and the "panic button" to block an account in the event of any suspicious transactions.
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