Author Topic: PSD2 - how is it going to be exploited  (Read 245 times)


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PSD2 - how is it going to be exploited
« on: January 12, 2018, 11:11:45 AM »
Every time there there is a major banking change the forst people to figure it out are faraudsters and charlatans so how are they going to use PSD2..

in case you don't know what it is
from indo
just seems rife for explotation to me..

The main elements of PSD2:

• With a customer's permission, a bank must allow an outside company authorised by regulators to take a payment directly from an account for goods and services.

• A bank must allow an outside firm to access transactions history from a customer's account for the purposes of aggregating information from several current and savings accounts into a single "dashboard".

• Tougher customer authentication of online payments will be introduced from the second half of 2019.

• Banks will have to spell out reasons for refusing an application for a new account, making it harder to hide behind generic concerns like money laundering.

• Banks are required to give refunds for unauthorised transactions.

• Outside payment firms must respond to complaints within 15 days.

• Firms authorised under PSD2 are not allowed to take deposits or grant loans like traditional banks.

• Most PSD2 firms that take data from a bank account will also come under a separate EU General Data Protection Regulation that comes into force in May to reinforce safeguards on personal data.
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