What is the Payment Services Directive (PSD2)?
PSD2 is a new law within the European Union that was introduced in January 2018 and an evolved PSD. PSD set down rules in relation to various forms of electronic payments and PSD2 expands on such. Such payments include credit transfers, direct debits, card payments, and mobile and online payments. PSD2 expands upon the rules of PSD in order to provide the best and most secure service possible to members.
What Changes Have PSD2 Introduced?
The primary amendments that PSD2 introduces for all consumers, including HSSCU members are:
- Members will have a maximum liability of €50 in cases where an unauthorised transaction has occurred on your account. Exceptions are in cases where it can be proved there was fraudulence or gross negligence.
- The unconditional “eight week refund” rights already afforded to consumers by the SEPA Direct Debit Scheme are now enshrined in EU law by PSD2.
- Retailers are no longer allowed to engage in the practice of “surcharging” whereby they charge consumers fees for paying with debit or credit cards.
- Payment services users can now terminate a contract for the provision of payment services free of charge after a period of 6 months rather than 12.
- Stricter requirements apply in a number of important areas. For example, the initiation and the processing of electronic payments (particularly online payments) and protecting consumers’ financial data.
The main change for HSSCU members going forward will be the introduction of Secure Customer Authentication (SCA):
- SCA will now be added to the login of HSSCU members to cuOnline+ and this will replace the need of a PIN when login in going forward
You can read more about PSD2 specifics, and more, from the Central Bank of Ireland
What Does PSD2 Mean For HSSCU Members?
For all Health Services Staffs Credit Union members, PSD2 simply enhances your security with the addition of minor steps (SCA) to give you peace of mind. The security steps have introduced changes to how you will log in and set up/amend payments.
The main changes here will be the enhanced use of One Time Passcodes (OTPs). You will now need to use OTPs, but will no longer need your PIN going forward. OTPs will be used when logging into your cuOnline+ account, whether you are already a user or it is your first time logging in. OTPs will also be requested when setting up a new payee and/or amending current payees. You will likely have used OTPs with other organisations and this will work in exactly the same fashion.
How do OTPs Work?
OTPs generate a code that gets sent directly to your mobile device via a SMS. You then input this into the relevant field – Easy, right?
All HSSCU members need to ensure is that we have your correct SMS number in our system, as this is where your OTP will be sent. If you are unsure if HSSCU has your correct mobile number on file you need to contact us. Do so by calling us on 01 677 8648 or emailing firstname.lastname@example.org with your name, account number and date of birth along with your new mobile number.
Can You Show Me EXACTLY What This Means?
Absolutely! In order to see your step-by-step guide to logging into your cuOnline+ account and managing/setting up payees simply click on the below link. This will show you exactly how you are affected and just how easy this security measure is to use: