An EU directive prohibits paper TAN lists, which complicates online banking – The European Union has introduced new rules for online banking.
Bank accounts had been a closed affair so far. Only the customer and the bank itself had access. But that has changed since September 14: now also third parties have access to accounts – on condition that the customer allows this. Many consumers received mail from their bank. The content of the letters is usually very legal, because financial institutions have to inform their customers about important changes. In this case from Saturday on the rules of the second European PSD2 are valid. Three changes are important: in the future, third parties will also have access to accounts if customers give their consent. Moreover, when accessing their online banking, bank customers must always identify themselves with the two-factor method. And finally, card payments on the internet must always be released with two factors. Logging into internet banking with just one password is a thing of the past because, according to the banking association, the legal obligation for so-called strong customer authentication is active from 14 September. This means that every customer must always identify with two of the three possible factors. For example, biometric features such as a fingerprint, a pin code or a smartphone can be used. This procedure is also mandatory for every transaction. The TAN list on paper has served its purpose. A specially generated TAN must be used for orders. In the case of card payments on the internet, consumers will also have to identify themselves with two factors in the future.