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As of January 1, 2021, the new security protocols for electronic payments will come into force.
The Romanian banking system implements new protocols that increase the protection and confidentiality of consumers’ financial data during online card transactions on sites in the European Economic Area. Consumers will confirm online card transactions through strong authentication at sites in the European Economic Area.
This unitary regulation for all European consumers is part of the revised EU Payment Services Directive (DSP2) and is expected to help increase consumer confidence and boost electronic payments, especially in this context of pandemic where it is recommended card payment.
Online merchants must require authentication of payments by implementing new security protocols on online trading platforms, and card-issuing banks must ensure strong authentication.
To have an easy experience, biometrics (fingerprint authentication / facial recognition) can be a transaction authentication option, authentication that takes place in internet banking / mobile banking / transaction signing apps (electronic tokens) / wallets, according to a press release.
For consumers who do not have access to such a method, banks will implement other transaction authentication options, such as a static password.
How to authenticate in 2021
Each card issuer in Romania has already communicated or will communicate to their customers what are the authentication methods of online card transactions and what are the changes in current flows. Authentication methods that meet SCA requirements are:
Authentication and signature on the bank’s internet / mobile banking / e-token / wallet application;
Code received by SMS + static password (backup option if customers do not have access to the Internet banking application);
Code received via SMS + fingerprint;
Code generated in a transaction signing application (e-token) + fingerprint, etc.
Given the possibility of granting exceptions in relation to the establishment of a transitional period in the implementation of this payment authentication measure in certain European countries, there is a risk that, for some cross-border transactions, customers will find it difficult to carry them out.
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