PSD2 service directive - What changes for individuals?

See in detail the changes for individuals:

Strong customer authentication

Following the implementation of the European Directive (PSD2) on payment services, you can now identify yourself when making transactions in Piraeus e-banking in the following ways:

• via push notification at Piraeus app (for those who have activated the Piraeus app)
• with an extraPIN code that you receive via Viber or SMS to the mobile phone you have registered with the bank
• with quick login (4-digit PIN, fingerprint or FaceID for compatible devices)

Strong customer authentication is a verification payment process that authenticates the cardholder by applying at least two factors that fall under the following categories.

Something that the user:

• Knows exclusively (e.g., password or PIN)
• Possesses (e.g., authentication code generator device)
• Is (e.g., use of fingerprint)

It is no longer sufficient to simply enter the card details (card number, expiration date, three-digit card verification value number).

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.

Changes to contactless transactions

For each contactless transaction with debit, credit or prepaid cards, the limit of €50 per transaction continues to apply without the need to enter your PIN.

From 14/9/2019 onwards, all contactless transactions will be made without entering the PIN authentication at a terminal (POS), with a limit of up to €150, cumulatively. More specifically, each time a transaction using PIN authentication is carried out, the €150 limit will be reset to zero. Consequently, it will not be possible to make unlimited consecutive contactless purchases without the use of the PIN authentication.

For example, if you have made contactless transactions without using a PIN for a total value of €150 and then make a purchase of €22, you will be required to enter your PIN on the POS device. You will then be able to resume contactless transactions without using a PIN again, up to the amount of €150.

Additionally, in accordance with Article 12 of European Regulation (EU) 2018/389 supplementing Directive (EU) 2015/2366 of the European Parliament, when you electronically initiate a payment transaction at an automatic payment terminal for the purpose of paying a transport fare or parking fee, strong customer authentication is not applied.

Read more information on contactless transactions here.

Changes to online shopping with a card (e-commerce)

Online shopping with debit, credit or prepaid cards will be carried out under strong customer authentication at the time of purchase.

According to the information above, in order to make purchases in online stores within the European Economic Area with Piraeus Bank cards (debit, credit, prepaid) you must have e-banking credentials and a mobile phone registered with the bank for receiving the extraPIN.

In case that:

• you do not have e-banking credentials, you can register online here, easily and quickly
• you have e-banking credentials, but do not remember them or have blocked your password locked out of the service, you will find here instructions to regain your access
• you have e-banking credentials, but they have been deactivated, you can proceed to their immediate reactivation by calling Piraeus Βank call center at 210 3288000 (from from landline or mobile, according to the pricing policy of your phone provider)
• you have active e-banking credentials, but you do not have a registered mobile phone to receive the extraPIN code, you can proceed to its immediate declaration through the Piraeus e-banking service and you can find here the process and detailed instructions.

Alternatively, for all the above cases, you can visit a Piraeus Βank branch.

Trusted beneficiaries

Through Piraeus e-banking you can, if you wish, designate 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 mobile 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 / webuy
• Online insurance products

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

FAQs - Contactless transactions

Why is there a limit of €150 on the total amount of PIN-less card transactions? I want all purchases under €50 to be PIN-less.

This limit (€150) has been set under the revised European Payment Services Directive (PSD2) and there can be no exception. The Directive aims to make payments more secure, more effective and easier. Under this directive, payment services in Europe are being modernized to the benefit of both consumers and businesses. If you carry out regular card transactions where you enter your PIN, such as cash withdrawals or balance checks on ATMs, or if you make purchases over €50, then you may not be required to enter your PIN for transactions under the amount of €50.

Does the €150 limit on contactless transactions, without PIN, apply to card transactions within and outside the European Union?

This applies to successive card transactions only in countries within the European Economic Area (EEA).

If I have reached the €150 contactless transaction limit, without a PIN, and I make a contactless transaction outside the European Union, what happens?

Your contactless transaction using a card outside the EEA will be carried out exactly as before, without being affected by this directive. The cumulative limit of €150 does not apply to transactions outside the European Union.

Is the €150 limit of contactless card transactions reset to zero each time a transaction is carried out in which the PIN is entered?

Yes, any transaction in which the PIN is entered in countries within the EEA, at a retailer or ATM, resets the limit to zero.

Is there a time limit of €150 on contactless card transactions?

There is no time limit. Whenever a card transaction that requires PIN is carried out, the balance is reset to zero. E.g. if you have made contactless transactions, without PIN, with a total value of €60 within 2 months, and then make a purchase with PIN, the limit will be reset to zero and the amount starts building up again.

I have an add-on card in my credit card. Will I have a single limit with my primary card for the amount of PIN-less transactions?

No, each card has its own limit.

I have an add-on corporate debit card. Will I have a single limit with my other colleagues' add-on corporate cards for the amount of PIN-less transactions?

No, each card has its own limit.

I have a debit, credit and prepaid card. Is there a single limit for all my cards?

No, each card has its own limit.

FAQs - e-Commerce transactions

How are online transactions using cards (e-commerce) carried out and how is Strong Customer Authentication applied?

Strong Customer Authentication (SCA) is a payment process that applies to card transactions in online stores in countries within the European Economic Area (EEA)*. At the time of payment, after entering the card details, you will be asked to authenticate yourself via a Piraeus Bank designated platform:

• by accepting push notification in the Piraeus app or
• by entering your e-banking credentials and extraPIN code

What do I need to have with me now in order to make an online purchase?

• If you use the Piraeus web banking service, it is necessary to have the credentials, your card details and the mobile phone number you have registered in order to receive the extraPIN code.
• If you use the Piraeus app, it is necessary to have your card details and the mobile phone device you have registered with the bank in order to receive the extraPIN code.

I have excluded my card from Piraeus e-banking. Will I have problems shopping online?

In order to be able to make internet transactions with strong identification, you must cancel any restrictions you have set (View Only or Excluded) on your card (debit/credit/prepaid) by selecting "Full Access" in the "Product Settings" menu of the Piraeus web banking service.

How can I get Piraeus e-banking credentials?

If you don't have e-banking credentials, here you can find instructions for online registration easily, quickly and for free. To complete your registration you will need:

the 16-digit number of your debit card and your mobile phone number you have declared to the bank

to remember your debit card PIN. If you do not have a debit card, please visit a Piraeus Bank branch.

Alternatively, you can get access to Piraeus e-banking, from any Piraeus Bank branch, with a fee according to Piraeus Bank pricelist.

Does the Strong Customer Authentication (SCA) procedure apply to all Piraeus Bank cards?

The strong customer authentication procedure applies to all Piraeus Bank credit, debit, reloadable prepaid cards, owned either by individuals or businesses.

Does the Strong Customer Authentication (SCA) process apply to online card transactions in countries outside the European Economic Area (EEA)?

The strong customer authentication procedure is mandatory for card transactions in online shops established in countries within the EEA (i.e. an online merchant operating in a member state of the European Union, Norway, Iceland and Liechtenstein). In countries outside the EEA, strong customer authentication is not mandatory. However, strong customer authentication is applied, if the merchant in these countries supports 3d secure security protocol.

Can I make online purchases using my card (e-commerce) without strong customer authentication?

For your own convenience, Piraeus Bank will not require strong customer authentication up to the amount of €100 for online transactions, under the condition that they comply with the specifications of bank's security protocols. For amounts over €100 you will always be asked for strong customer authentication.

Does the €100 limit for online shop transactions with a card without strong customer authentication also apply in non-EEA countries?

It applies to transactions in online stores that are established:

• in countries within the EEA, and
• to countries outside the EEA, as long as the merchant supports the 3d secure security protocol

Is there a limit on the number of transactions for amounts up to €100 by card online without strong customer authentication?

No, there is no limit to the number of transactions.

I have a debit, credit and prepaid card. Will I have a single limit for all my cards?

No, each card has its own limit.

I have an add-on credit card. Will I enter my own e-banking credentials?

Yes, you will enter your own Piraeus e-banking credentials and the mobile phone number you have registered when you signed up for this service.

How safe is it to register my Piraeus e-banking & Piraeus app credentials in an online store where I intend to make a purchase using my card?

The e-banking credentials are not registered in the merchants' online shops, but on a special page of Piraeus Bank. Piraeus Bank applies state-of-the-art systems and recognized security protocols to ensure your secure access to Piraeus e-banking and safeguard your online transactions based on strict specifications.

I use Piraeus e-banking with limited access, can I use these credentials in the strong authentication process when I make online purchases?

Yes, you can. However, a prerequisite for receiving an extraPIN code by Viber/SMS is to declare your mobile phone number at Piraeus e-banking.

I have issued the prepaid business virtual card through Piraeus Business e-banking. Since I do not have my own Piraeus e-banking, will I enter my Piraeus Business e-banking credentials when strong customer authentication is required in purchases by card?

Yes, you will enter your business e-banking credentials.

I have an additional corporate debit card as well as an additional corporate credit card. Which e-banking credentials should I enter?

You will be able to enter either your own personal e-banking credentials or your business e-banking credentials and use the mobile number that has been registered when you signed up.

I have just registered for Piraeus e-banking, can I now make an Internet purchase?

You must first make at least one login to e-banking from the moment you have completed your registration.