Banking lobby group highlights secure methods for paying online

A lobby group for the banking and payments industries has launched a campaign to improve awareness around a European directive which intends to make it more secure for consumers to make electronic payments online.

The second payment service directive comes into force on September 14th and will see changes to how customers log onto their online banking services or make an online payment using their credit or debit cards.

Generally, the changes will take the form of an additional security step before customers can access their online accounts or complete some online payments, according to the Banking and Payments Federation Ireland (BPFI).

“Over the coming months consumers will start to notice changes in the form of enhanced security steps as they go about accessing their online banking services and shopping online,” said head of payment schemes at BPFI Gill Murphy.

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"It is important to remember that they are being introduced right across Europe to help counter fraud and make online payments more secure," she added.

In addition to improving security, the directive will introduce open banking. This will allow third-party providers securely provide consumers with new services such as paying directly from a bank account as an alternative to using a credit or debit card when shopping online.

BPFI is running both a social media and radio campaign to highlight the changes. The body represents 100 member institutions in the banking, payments and financial technology sector in the Republic.