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Improved Online Banking Security Promises to Benefit E-Commerce Experience

17 June 2019 - 09:23 by Graham Miller

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This September will see the rollout of new regulations governing web-based banking services, with the aim being to boost the levels of protection that are afforded consumers who decide to manage their finances online.

The precise nature of the modifications to security solutions will be fairly diverse, with different institutions choosing to interpret the latest legislation in different ways. However, in general customers can expect a new layer of authentication to exist whenever they want to access their bank account in a digital context, according to the Independent.

As a result of this, experts are anticipating that it will be easier for consumers to carry out safe shopping online without worrying about whether or not their private information will be compromised by malicious third parties.

While there may be some who are frustrated by the inclusion of an extra step when verifying their details as part of an e-commerce transaction, this will surely be a small price to pay to provide enhanced protection against the myriad threats which exist in the modern age.

The regulatory shift is being rolled out across the EU and is part of a wider push to drive down the instances of online fraud, which are gaining momentum in many places at the moment.

Multifactor authentication is already used in many cases when making online purchases, although by forcing banks to embrace it universally it will become standard practice rather than something which only certain institutions choose to adopt.

If there is any upset amongst consumers after the rollout, this will surely fade quite quickly as the added security step becomes an accepted part of the e-commerce routine. If a dip in cybercrime is reported as a result, then this move will surely be deemed a success.