Online banking and mobile banking

Online banking and mobile banking are today very popular means amongst consumers for doing business with their banks.

Online Banking and mobile banking refer to the use of technology which allows customers to access banking services electronically, e.g. from a computer, a tablet or a smartphone, in order to pay bills, transfer funds, view accounts or obtain information or advice.

Online banking and mobile banking have developed through the years and the protection of consumers in relation with those new means of doing business has been enhanced by European legislation, notably by the Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (Payment Services Directive, PSD2), amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) N° 1093/2010, and repealing Directive 2007/64/EC (Text with EEA (PSD1). The objectives of PSD2 are to further enhance consumer protection, to improve security of payment services, to harmonise provisions in relation to account information services and to promote innovation and competition.

Online banking and mobile banking transactions may expose you to different security risks and it is recommended to be aware of threats and good practices to keep oneself safe.

Some of the most current cyber security risks are “phishing” and “mobile malware”.

Phishing is a form of fraud in which the attacker tries to get confidential information from the person he wants to harm such as login credentials, account information or payment card PIN codes by masquerading as a reputable entity or person through emails, Instant Messenger or other communication channels.

Mobile malware is malicious software which targets mobile devices.

Online-Banking becomes more secure when users of online and mobile banking services respect some essential rules in order to optimise the management of online bank accounts, such as using a secure password when accessing their bank account via an online portal or a mobile app, or by not answering suspicious messages received via emails. Users of online and mobile banking services should also be wary of keeping their access codes secure and about installing an anti-virus scanner and a firewall on their devices.

Before choosing and concluding an agreement for an online or mobile banking service, customers should take into consideration some important key aspects that are summarized in leaflet “Key tips to protect yourself when choosing online or mobile banking services”.