PSD2: WHAT IT MEANS TO YOU
On the 14th September 2019, new legislation will come into effect, the Payment Services Directive, otherwise known as PSD2. This new law is designed to benefit you, by enhancing transparency, giving you greater control over your data and making electronic payments more secure. These increased measures further protect your banking and purchases online and reduces fraud.
There are 2 key parts to PSD2, Strong Customer Authentication (SCA) and Opening Banking.
Members who use our online banking service CU247 will be impacted by SCA.
What is Strong Customer Authentication (SCA)?
SCA is a way in which more security is applied when you make an electronic payment or access your online banking services. There may be changes to how you log on or make a payment using online banking on your computer or through a mobile app.
This may take the form of an additional security step before you can access your account or complete some payments online. There may also be an additional step when shopping online, before you complete your purchase, this may take the form of a security code sent directly to your mobile phone.
While SCA may mean changes for you and how you shop online and make online payments using online banking services. These changes will provide better protection for you and your accounts.
What SCA Means for you as a Member of Roscommon Credit Union Limited
From the 14th of September, SCA comes into effect and will be applied when you do any of the following actions on your (CU247) Credit Union online account;
- Assessing your account
- Initiating a Payment
- Initiating a New Payee
Members will be required to authenticate themselves using the following;
✅Something you know i.e. CU247 Password or PIN
✅Something you have .i.e. Mobile Application (verification code sent to your mobile)
Next Steps for our Members
We are asking Existing and New ONLINE (CU247) Member Users to please ensure they have REGISTERED and AUTHENTICATED their mobile phone numbers WITHIN on our online service – CU247
Click here to access our CU247 Members area
Click Here to Download or View our Step by Step Guide to CU247 (online banking) & How to register your mobile & Activate your Mobile (see STEP 3 in guide)
Please note registration & activation of your mobile is a 2 step process, once your mobile is registered online your activation code will be sent to you via post, please allow 3-5 working days to complete the process.
If you have any queries please Speak to us on 090 6626657 alternatively Email firstname.lastname@example.org