Strong Customer Authentication
On September 14th 2019, additional security to protect online payments, known as Strong Customer Authentication, will be introduced across Europe as part of the Second Payment Services Directive (PSD2). For additional information, including some useful short explanatory videos, please refer to bpfi.ie.
In order to support these additional security requirements, Mulcair Credit Union’s Online Banking services and Mobile App services will be upgraded to include Strong Customer Authentication (SCA).
What is PSD2?
PSD2 was introduced to improve security, reduce fraud and encourage competition, while taking into account modern payment methods such as mobile payment and online payment.
What is Strong Customer Authentication?
Strong customer authentication (SCA) is authentication based on the use of two or more elements, namely:
1. Knowledge – something only the user knows. For example, a password;
2. Possession – something only the user possesses. For example, a mobile phone;
3. Inherence – Something the user is. For example, fingerprint or iris pattern.
How will this affect Mulcair Credit Union Members?
- Whenever a member logs in to their online account, they may be asked to take an additional step to further authenticate themselves. This will happen every 90 days.
- When a member sets up a new payee they will be asked to provide further authentication.
- If a member wishes to view transactions or documents older than 90 days, they must provide further authentication.
How will Members provide the additional authentication?
Where a member has the Mobile App installed, an authentication code will be delivered via the app. When using a laptop or PC, an SMS containing the code will be sent to the member’s phone. When will these changes be implemented? Strong Customer Authentication days will be implemented on by no later than September 14th 2019.
Are there any other impacts from SCA?
Third party card issuers and merchant service providers are also likely to roll out their own SCA solutions in relation to transactions on credit union accounts, but these providers will issue their own announcements and instructions in due course.
Is SMS safe?
In general terms, SMS does have some inherent weaknesses, however, through our systems service provider we have sourced a robust security solution which protects the SIM cards in mobile phones from ‘hijacking’ (SIM Swap attack). This solution, SIM Swap Protection Service, is used by all the leading banks in Ireland, so we are confident it is entirely suitable for online account users. It should also be noted that the European Banking Authority (‘EBA’) has indicated that SMS is a valid medium for the transmission of authentication codes and one-time passwords (‘OTP’) as long as the SMS is subject to measures that prevent replication of the SIM.
ILCU survey shows marked increase in numbers struggling with Back to School costs
- 78% of parents finding Back to School spend a financial burden, a substantial 11% increase on last year
- One third forced to deny their children certain school items because they cannot afford them
- Parents now spending €1,399 per secondary school children – up €20 on last year
- At primary school level, parents have reduced spending with costs down €50 to €949 per child.
- Numbers getting into debt to cover Back to School costs remains steady at 36%, however average debt has fallen by €83.
More than three quarters of parents (78%) say the cost of Back to School is a financial burden. This is a significant increase on 67% in 2018. Parents getting children ready for secondary school are spending €1,399 per child. This is up €20 on the €1,379 being spent last year. Parents of primary school children are however spending less; €949 this year compared to €999 last year (€50 decrease).
Understandably, more parents of secondary school children are finding costs a struggle. Eight in ten (83%) say the back to school spend is a financial burden compared with 77% of parents at primary level.
The findings were revealed in a national survey of 882 parents of school children by the Irish League of Credit Unions (ILCU). The survey was carried out by independent market research company, iReach Insights in June 2019.
While the numbers in debt over back to school costs remains steady at over a third (36%), parents appear to be more prudent with the debt they are running up. The average debt this year is €322 compared with €405 in 2018, a reduction of €83.
Looking at this in more detail, parents of primary school children say their average back to school related debt is €274, down from €367 in 2018. At second level, parents say their average debt is €357, down from €443 last year.
Of those parents in debt, almost a quarter (24%) say they have turned to a moneylender. While this figure is worrying, it is a 3% drop since last year. The average amount borrowed from moneylenders has also fallen slightly from €450 last year, to €439 this year.
Costs continue to be parents’ main concern at back to school time. Half of parents say it’s their biggest worry, up 4% on last year. One third (33%) say they will be forced to deny their children certain school items because they can’t afford them. This is up from 31% last year.
68% will cut out extracurricular activities, 30% won’t spend on school trips. 29% say new gym gear will get the cut while, for 22%, new shoes will be off the school list. This last item however is down considerably from the 42% in 2018.
Welcoming the recent publication of the Joint Committee on Education and Skills report on their examination of school costs, Paul Bailey, ILCU Head of Communications said, “We are calling on the Government to take more affirmative action to tackle the rising costs of sending children back to school. The recommendations outlined in the Joint Committee on Education and Skill’s report, if taken on board, will go a long way to easing this annual burden on parents.”
The most expensive item at second level was again books, coming in at €220 compared with €200 last year. Uniforms/clothing was next on the list at €200, up from €179 last year. School trips are set to cost parents €190 this year, compared with €159 last year.
At primary school level, parents appear to be cutting back on school lunches, with the spend falling from €142 last year to €102 this year. After-school care has also seen a drop from €140 to €117. Extra-curricular activities continue to be the biggest spend at €159. Up from €153 in 2018.
Uniforms/clothing is coming in as the second most expensive item at €133, up from €128 last year. This is followed by books at €123 – up just €1 on last year.
In general, parents say the biggest sacrifice they make in order to cover back to school costs is family holidays. 43% said they would reduce spending on a holiday, compared with 34% last year. 31% said they would cut spending on summer activities for the kids, similar to 30% last year. 8% said they would cut spending on food for the family, down from 15% last year.
Commenting on these findings, Paul Bailey said; “We are very encouraged to see that overall, the numbers approaching moneylenders has fallen by 1% since last year (3% down from 4%). The research also showed that those using credit cards to cover the Back to School spend has decreased by 5% (falling from 18% to 13%). We see this as a very positive response to the credit union message that they are an affordable, convenient and ethical alternative to credit cards and moneylenders. We would encourage all parents in need of financial assistance to contact their local credit union and forego moneylenders and credit cards completely.”
Congratulations to Caroline Armshaw Healy who is the lucky winner of our recent Facebook Competition.
Caroline has won a €50 shopping voucher for herself ☺️
Well done again Caroline and thanks to everyone who entered the competition.
Thursday 18th April 2019 Open 10.00am – 5.00pm
Friday 19th April 2019 Closed
Saturday 20th April 2019 Open 10.00am – 1.00pm
Monday 22nd April 2019 Closed
Tuesday 23rd April 2019 Open As Normal
Thursday 18th April 2019 Open 10.30am – 1.00pm
Friday 19th April 2019 Closed
Friday 19th April 2019 Closed
Saturday 20th April 2019 Open 10.30am – 12.30pm
Wishing all our members a very enjoyable Easter
Congratulations to Gerard O’Connor who is the lucky winner of a €250 voucher.
Thank you to all our members who entered the draw to update identification requirements.
It was such a success, we hope to do it again soon.