Individuals - e-banking

The revised payment service directive (PSD2) will make electronic transactions within European Union safer and easier.

What is strong customer authentication according to the new Directive on Payment Services (PSD2)?

After the implementation of the European Directive on Payment Services (PSD2), strong customer authentication is required for conducting transactions at Piraeus e-banking. Strong Customer Authentication is a verification process that authenticates the user by applying at least two factors that fall under the following 3 categories.

Something that the user:

  • Knows exclusively (e.g. password or PIN)
  • Possesses (e.g. mobile device)
  • Is (e.g. use of fingerprint)

How is strong customer authentication implemented through Piraeus e-banking?

In order to conduct transactions at Piraeus e-banking authentication is required. Transaction authentication will be performed through a push notification at Piraeus app (for those who have activated the Piraeus app) or alternatively with an extraPIN delivered through Viber or SMS to the mobile phone number you have declared to the bank.

Piraeus Bank, for your convenience, will not require strong authentication for transactions up to €100 made through Piraeus e-banking, provided that these transactions comply with the Bank's security protocols. For online transactions over €100, strong authentication will always be required.

How is strong customer authentication implemented through Piraeus app?

In order to conduct transactions at Piraeus app authentication is required with quick login (4digit PIN, fingerprint or FaceID at compatible devices) or with an extraPIN code (if mobile app notifications are not enabled).

Piraeus Bank, for your convenience, will not require strong authentication for transactions up to €100 made through Piraeus app, provided that these transactions comply with the Bank's security protocols. For online transactions over €100, strong authentication will always be required.

Trusted beneficiaries for faster transactions

At Piraeus e-banking you can designate, if you wish, beneficiaries with whom you frequently and regularly transact as trustees. Beneficiaries you designate as trusted beneficiaries will no longer require strong identification when conducting a transaction, saving you more time. You can set a trusted beneficiary during the validation of a transaction through push notification at Piraeus app or alternatively while you enter the extraPIN security code in order to authenticate the transaction.

You can set the following transactions as a “trusted beneficiary”

  • Transfer money to someone’s else account at Piraeus Bank
  • Remittances
  • IRIS 24/7 Payment
  • Payments to organizations
  • Credit card payment
  • Load a prepaid card / Piraeus WEBUY
  • Online insurance products

From the Security Settings menu of Piraeus e-banking and Piraeus app, trusted beneficiaries are easily managed.