You may have heard of PSD2 (The Revised Payment Services Directive). It’s the latest EU payment and service directive and a section called Secure Customer Authentication (SCA) is kicking in on 14 September. It’s going to change the landscape for all online merchants in Europe by requiring all transactions to be strongly authenticated. Part of fulfilling the SCA requirement is using the new 3D Secure Payment 2.0
What is 3D Secure Payment 2.0?
3D Secure Payment 2.0 (or 3DS2.0) is the mechanism that allows merchants to fulfil their SCA requirements. If you've shopped online, you have probably encountered the current 3D Secure payment flow - where your bank asks you to authorise your payment with a password.
What does it mean for our giffgaff members?
3D Secure version 1.0 was a cumbersome process, but this version is quicker and smoother. This means a better, more secure online payment experience for all our members.
What do you need to do?
Make sure your bank knows how to contact you. Check to make sure you have the following up to date where possible:
Online banking app
All European banks will be eventually adding extra security checks, so you need to watch out for an email or letter from your bank that will help you make sure you are set-up and ready for September 14. If you're not prepared then you may not be able to make purchases online.
If you have any questions about this or anything else, let me and the team know. We will be here to answer as much as we can.