BdP recommends consumers to update contacts with the bank in the process of strong customer authentication

In a statement, BdP recommended “consumers to update their contacts with their bank / payment service provider by August and to adhere to strong authentication solutions, ideally until the end of October, to continue shopping online. with card ”.

This Monday, Banco de Portugal issued a recommendation urging bank customers to update their contacts with banks and or payment service providers under the national migration plan for strong customer authentication in e-commerce with card .

In a statement, BdP recommended “consumers to update their contacts with their bank / payment service provider by August and to adhere to strong authentication solutions, ideally until the end of October, to continue shopping online. with card ”.

The banking regulator released this Monday the migration plan for strong customer authentication in e-commerce with card, which systematizes “actions to be taken by banks / payment service providers (issuers and acquirers), merchants and consumers, for that strong customer authentication rules be applied to card payments in e-commerce as of December 31, 2020 ”.

The BdP stressed that market players that do not adopt strong authentication solutions until December 31, 2020 may be prevented from making, or receiving, e-commerce card payments from that day.

Strong client authentication took effect on September 14, 2019 across the European Union and requires banks or other service providers to perform it whenever and when customers initiate an electronic payment or remotely perform an action that may involve risks of fraud or other abuse.

Strong authentication has, as a rule, two security elements designed to verify the identity of the customer. So, for example, when a bank customer, through his home banking, gives a transfer order, you must enter a password - what happens when you do log in in its homebanking - a code is then sent via SMS to confirm your identity.

This recommendation resulted from a consensus of the Forum for Payment Systems, which is a consultative structure of the BdP, in which the main national players in the supply and demand of retail payments are brought together.

Read more
Recommended

BFF Group with 40,2 million adjusted profits. Business in Portugal grew 51%

Italian group BFF had 121 million in credits receivable in Portugal until June.

Banks had 31,3 billion in Portuguese debt in the first quarter

Banks in Portugal saw profitability drop to more than half in a year, according to March data from Banco de Portugal, reflecting the impact of the Covid-19 pandemic with regard to the increase in the net flow of provisions and impairments.

CGD appoints new non-executive director

With a curriculum with predominance in Systems and Computer Engineering, and specialist in the digital area, Arlindo Oliveira is the new administrator of Caixa Geral de Depósitos.
Comments