PSD2, say yes to security

With this new directive, online payments will be more secure.

The arrival of the new PSD2 directive ushers in great improvements in online payments within the single market that exists in the European Union. A measure that will be implemented on September 14, the main goal of which is to make online payments more secure. Another important aspect is the access to consumer information that banks will have to request from TPPs or, in other words, those companies that provide services to third parties (with the consumer's prior consent). 

Until now, the latter's access to payment markets was complicated. This regulation gives them a more prominent role in the sector, thus increasing the number of options available to consumers. They will also offer their customers added value with additional services that make life easier. They will have to comply with the same rules as traditional suppliers: registration, authorization and oversight by the relevant authorities. They are also required to enhance their security measures, since one of the tenets of PSD2 is to protect banking operations.

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Security, a priority of PSD2

In order to increase consumer confidence in electronic payments, PSD2 requires the implementation of minimum authentication measures that the user must comply with and that involve the concept of SCA (or Strong Customer Authentication). This is defined, and summarized, as the obligatory procedure that verifies the identification of the customer using 2 or 3 different factors from the following: verify something that only the customer knows (such as a password), something that only the customer has (such as their phone) or something that the customer is (for example, their fingerprint or their face). 

These factors will be requested in certain cases when a customer logs into an online payment account, when initiating an electronic payment transaction or when doing any operation through remote channels that may entail the risk of fraud or abuse.

Security: a building block at BBVA

As we noted, BBVA is aligned with the objectives of PSD2. In the area of security too. In fact, the protection of our customers is a priority for us. We are working on it on two levels: 

Application of a series of protective measures that are invisible to the consumer and that meed the needs of our customers, who are increasingly aware of the importance of transferring their data and want to know who owns it and what it uses this data for. In this regard, and thanks to its leadership in the Digital Transformation, BBVA (with help from technology and Big Data) offers "invisible" protection to its customers that detects, and even anticipates, dangerous situations (such as potential fraud), in order to verify every online payment that is made and every account that is opened. 

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Complete control of banking operations from your phone, which is synonymous with maximum security. We believe this at BBVA, which is why our customers have access to our app, ranked by Forrester as the best in the banking sector. A single remote control with which to track your finances and avoid any malicious acts involving our accounts. How? Through services such as turning your cards on and off with just one click or the panic button, which lets you block your accounts instantly if you notice any suspicious activity. 

In short, at BBVA we offer measures to give you peace of mind, knowing that your money is under your control at all times.

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