With the new OTP code, your online purchases are even more secure
MoraBanking | 11.09.2020 | MoraBanc editorial staff
The purchase of products and services over the Internet is becoming increasingly common and will grow exponentially in the coming years. Security is therefore paramount.
In order to ensure the protection of consumers, the European Commission has published the second Digital Payment Services Directive (PSD2) which requires all banks to improve the security of online payments made by card.
In order to meet this requirement, MoraBanc has introduced an enhanced authentication process through the implementation of an OTP code every time a purchase is made online with a MoraBanc Visa card in a secure online store.
What is enhanced authentication or SCA?
Enhanced authentication is known as SCA or Strong Customer Authentication. It involves verifying that the online payment is made by the card holder by using two authentication factors that belong to one of these categories:
- Something that only the client knows: for example, a password.
- Something that only the client has: for example, a mobile phone.
- Something that only the client is: for example, a fingerprint or facial recognition.
How will this affect your Internet purchases?
Until now, a six-figure code that only you knew, called the CIP code, was used to authorise a purchase from an online store.
From 14 November 2020, the CIP code will be replaced by the OTP code (One Time Password), a single-use numerical code valid for one transaction only which you will receive by SMS on your mobile phone every time you make a purchase in a secure online store with your Visa MoraBanc.
What are the steps for making an online payment in a secure store?
To make an online purchase in a secure store you need to complete the following steps:
- Enter the details of your Visa MoraBanc as you would do normally.
- Once you have authorised the purchase, you will receive an SMS on your mobile phone with a 6-digit numerical code. The OTP code is valid only for this transaction.
- Enter this code to confirm payment. Your transaction has been completed successfully.
In order to increase security, you only have 10 minutes to complete the process from the moment you initiate payment of the purchase to the moment you confirm it.
How to identify a secure online store?
A secure online store (CES) is one that has implemented the 3D Secure system of the Visa and MasterCard card brands. This service ensures that online purchases are much more secure by authenticating the buyer as the legitimate holder of the card used.
What do you need to do to buy online with an OTP code?
The first step in making online purchases with your MoraBanc card is to sign up for the Online Purchase service. It is also essential that you provide us with the mobile phone number where you want to receive the OTP codes.
You can complete these steps by calling Telebanc on + 376 884 884 or your personal account manager.
If you have a CIP code for your transactions and have activated the SMS alert system, your phone number has already been validated and you will automatically receive the OTP codes on this same number from 14 November.
We continue to move forward to improve your security
At MoraBanc we continue to work to ensure that our security standards comply with the new requirements of the PSD2 Directive, always with a view to maintaining an optimal user experience for our clients.
That’s why we will improve our authentication systems by implementing more enhanced measures in the coming months.
More security for your purchases. More peace of mind for you.
Information on the processing of personal data
In compliance with Law 15/2003 of 18 December on protection of personal data, the customer authorizes that the applicant’s personal data entered on this form will be incorporated into files owned and managed by MORA BANC GRUP, SA – MORA BANC, SAU (hereafter referred to as “MoraBanc”) to process the requested service and, if necessary, to comply with the contracts finally entered into, and also to ensure correct operational procedures.
The applicant expressly authorises MoraBanc to send him/her commercial and promotional communications for products and services and information on the Bank itself, social or other activities, in hardcopy by post or by electronic means (among others, short messages (SMS) to mobile phones, e-mail, etc.). This consent can always be withdrawn, without retroactive effect.
The applicant authorises the data provided to be communicated or shared with third parties forming part of the MoraBanc business group, entities which are primarily active in the financial, insurance and service sectors. The applicant is considered as having been informed of this transfer of information by means of this clause. The applicant accepts that he/she may be sent information on any product or service marketed by these companies.
The data processing manager is MoraBanc. The applicant is hereby informed that the rights of access, rectification, suppression or opposition may be exercised in the terms established in current legislation.