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Many customers who have logged onto online banking recently will have found security checks have been stepped up, but a number mistakenly think this is banks acting on fraud. Almost a quarter of people believe that recent changes, which mean those logging into online banking must provide a second layer of authentication, are from banks combating cybercrime. That is not the case and they are actually down to  EU rules. A new survey suggests there is some degree of confusion as to why customers now need two-factor authentication to log into online banking A poll of 2,129 people by open banking app Yolt suggests banks have not done a brilliant job of telling customers the reason for the changes, which are required by the EU’s second payment services directive, known as PSD2. PSD2 came into force on September 14, and meant people logging into online banking would no longer be able to do so with just a passcode.  Jon Ostler, the chief executive of comparison site Finder, said the figures were ‘no surprise’ given that banks ‘haven’t given much information on the introduction of PSD2, or the fact that a lot of the changes are mandatory’. Some 23 per cent of respondents said they thought the changes were a proactive move from banks due to an increase in fraud, rather than forced by new regulation. RELATED ARTICLES Previous 1 Next I get sporadic mobile signal at home and work and am worried… Why did Nationwide text me to verify my wife’s credit card… Why is Barclays stopping its customers withdrawing cash from… Customers offered £125 to switch to Club Lloyds bank… Share this article Share HOW THIS IS MONEY CAN HELP Looking for a better bank? This is Money’s five of the best current accounts The rules mean online purchases or online banking logins need to be verified using a combination of something only the customer has (like a card reader or a mobile phone), something only the customers knows (a password or PIN code), or something personal to the payer (a fingerprint or their face). This is Money has previously covered what measures the banks have brought in to comply with the new regulation, including contingencies for those who have poor phone signal. While the UK financial regulator has delayed these requirements for online shopping until March 2021, amid concerns that a large percentage of online payments could fail, the requirements did come into force last month for online banking. But Yolt said many banks have either failed to mention or played down the reason behind the changes, which has left some customers confused. From September online banking logins have required two-factor authentication, though banks have often failed to explain why Andrew Hagger, of financial information site Moneycomms, said given the abundance of stories about online scams and reports of increased fraud losses he wasn’t surprised to see many people thought this was banks acting.  Meanwhile, others say banks have been happy to look like they are taking the lead. Ostler added: ‘Generally speaking, the communications from banks around PSD2 have been phrased in a way that implies the recent security updates were proactive measures they took. ‘Scammers often pray on confusion that arises when there is a change to a product or legislation, so ironically the process of strengthening consumer security and privacy via PSD2 may be leading to some people being tricked by phishing emails. ‘If you receive a suspicious email claiming to be from your bank, don’t rush to reply. Simple things like spelling mistakes, an unusual sender address or a request for money or personal details in the email all indicate that it may be fraudulent and therefore should be reported to the bank directly ‘It is not necessary to know every detail about PSD2, but a basic awareness of why it exists and the topics it covers will help protect you.’

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