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What You Need to Know about PSD2 and SCA

What You Need to Know about PSD2 and SCA

 

As part of Europe’s second Payment Services Directive (“PSD2”), Community Credit Union (“CCU”) is introducing new measures to improve your online experience and keep your money more safe and secure.

PSD2 came into law within the European Union (“EU”) in January 2018 and is designed to benefit members by enhancing transparency, providing you with greater control over your data and further protecting your banking and purchases online.

From 14 September 2019, new requirements on Strong Customer Authentication (“SCA”) come into effect.

They will change the way we will authenticate members when banking online or via the mobile app (“cuAnywhere”).

What is Strong Customer Authentication (“SCA”)?

SCA is the improved process that validates the identity of you, the member, when you log in to access online and mobile banking services or where a transaction is taking place.

On 14th September 2019 you will be asked for different security credentials. Please see here for more information.

If you have any questions please get in touch with us on 01 869 2550.