A revolution will begin tomorrow in the world of online banking, threatening to create enormous inconvenience for users and delay payments and other banking transactions. This is according to Codacons, which recalls that the European Directive on Electronic Payments (PSD2 – Payment Services Directive 2), which regulates digital payments with the aim of ensuring greater security in money movements, will come into force on September 14. The first effect of the new provisions will be the farewell to keys, tokens, and code cards that online banks have so far provided to their customers to enable secure payments. Their place will be taken by smartphones, since authorizing a payment will require at least two of three authentication elements: an object owned only by the customer (such as a smartphone), a characteristic owned only by the customer (such as a fingerprint or other biometric factor), or information known only to the customer (such as a password). European banks will be required to reject transaction requests that are not authorized according to these standards. "Many credit institutions have been active for several days now, but the risk of chaos and inconvenience for users related to the new procedures is inevitable," explains President Carlo Rienzi. "Even small e-commerce sites risk being unprepared for the deadline. Furthermore, the Directive could push users toward purchasing new smartphones equipped with biometric sensors and fingerprint recognition, to the benefit of multinational telecom companies."
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