End of the grace period: stricter rules for payment by credit card

End of the grace period: Stricter rules for payment by credit card

Consumers have to pay in paying by credit card on the Internet even with smaller amounts to stricter safety regulations. From this Monday (15.3.) In principle, it also applies to the obligation to 150 euros for so-called two-factor authentication. This is called: Customers usually have to prove to two independent ways that they are the legal owner of the payment card.

For credit cards, the specifications are particularly strict, because number and prufziffer these cards can be relatively slightly wired, for example when used in the restaurant. That’s why the possession of the credit card is not enough. Consumers need two other safety factors for credit card payments on online shopping according to the new rules: for example password and transaction number (TAN). So abuse of the cards should be prevented even better.

Duty to "Strong customer authentication"

Depending on the Card Outstanding Bank, the implementation is a bit different: Some customers receive the unique TAN number for release the online payment by SMS to a phone number stored in advance at the bank. Other banks include the purchase over a special app by entering a secret number or photographing a bar code. Technically, there are also biometric methods such as fingerprint or face recognition for releasing a payment with two factors.

Actually, the obligation to apply "Strong customer authentication" According to new EU rules ("Payment Service Directive"/"PSD2") Already since the 14. September 2019 for every payment in online banking and shopping on the Internet.

Full scope of the stricter safety regulations

But because some handlers had problems with the implementation, there was first delay from financial supervision BaFin to the end of 2020. Shortly before Christmas, the author then announced that the 1. January 2021 can not be held as a start date. Instead, a step model was: since the 15. January 2021 must be released payments from 250 euros with two independent factors, since the 15. February grabs the "Two-factor authentication" from 150 euros. In full effective are the stricter safety regulations for online payment by credit card now from 15. Marz.

Whether consumers must actually enable every purchase on the Internet with additional entries, depends on their bank, from which the payment card comes from. If a customer buys, for example, more often at the same online shop, a financial institution could refrain from making payment there every time with two factors. Even with payments under 30 euros, the two-stage procedures of strong customer authentication could be dispensed with.

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