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End of registration via SMS, Monetta reports.  Push-button phones will remain exceptions

End of registration via SMS, Monetta reports. Push-button phones will remain exceptions

Attention, your login information may be at risk, so from 1st December we will be canceling the SMS login option. Log in via Smart Banka mobile app, which will keep your login details safe from phishing attacks, where the combination of ID, password and SMS code presents a security risk in certain circumstances.”

Customers can now find these notifications coin money bank On the Internet Banking login page. It is aimed at users who are still using a one-time SMS code for verification. (However, the warning message also appears for users who switched to confirmation via the mobile app long ago.)

In recent years, other banks have also tried to incentivize customers to switch to more modern and secure verification in the app. However, so far, none of them have told them that they will completely cancel the possibility of using SMS codes, and those who do not go to the application are out of luck. Moneta ad is the first to do so.

What do customers who don’t want the app or don’t even have a purported smartphone do? Usually older people who have push button cell phones? The above message on the login page does not give them any hope. Details of the upcoming change cannot be found in the Terms and Conditions or anywhere else on the Moneta website.

Peníze.cz discovered that exceptions will remain after all, but will require client activity. “For customers using push-button phones that have a lower risk of misuse, we will allow them to log into the Internet Bank via SMS, as they used to. They will only have to call our customer center or stop at a branch and personally confirm the request to keep the message authorization short ”, confirms Jana Kopisova from the press department of Moneta.

“At the same time, our operators and bankers will warn them to immediately download the Smart Banka application and activate the authorization with biometric elements or a password in case of switching to a smartphone in the future. In addition, it fully informs them of all the security risks that the use of SMS authorization poses. on smartphones,” adds Kobesová.

It might be more complicated for people who have a smartphone, but for some reason don’t use the app to confirm. “We do not offer an alternative for customers using smartphones. Everyone can easily install the Smart Bank app on their phone for free. Within a few minutes, they will have secure access to their finances, either directly from the mobile app or through online banking,” As Kobesová asserts, without providing further details on whether and how the bank will control it.

The planned “sms-cancellation” is not only about logging in, but also checking the orders entered – usually outgoing payments, changes to the limits imposed on the card, and the like. Jana Kobesová adds: “The only SMS authorization is performed by a new customer as part of online account creation, which is followed by a multi-stage verification using documents and a selfie video of the customer or using the bank ID.”

Why did Moneta decide to toughen things up when, according to a statement to Peníze.cz, she wasn’t planning such a move back in April? “Recently we have recorded a significant increase in the number of attacks and variants of fraudulent schemes. Usually the attacker manipulates the customer and convinces them to install an application (mostly AnyDesk) on the computer or phone. This application allows the scammers to read SMS messages containing authorization codes and log into Internet banking Without the knowledge of the customer. If the customer had a smart bank, nothing like this would happen because it is not visible to the attacker. Therefore, it cannot confirm the notification,” the bank explains.

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The current contractual terms and conditions – with the last update in April of this year – still allow the SMS option. However, the Bank confirms that no later than two months before the date of the change – as required by law – it will publish the revised form from December. According to the law, customers who do not agree to the change can easily cancel their account without any penalties (however, they also have this option by default with Moneta if they are using a Tom or Tom Plus account, which is free of fees and other obligations).

because of european directive PSD2 Banks have had to introduce so-called robust verification, based on two different factors, from 2021 at the latest. The changes relate to logging in to Internet banking and entering orders, as well as confirming card payments online (usually in an online store). According to the interpretation of the European Banking Authority, a one-time code in the form of an SMS is no longer sufficient. Banks prefer e-verification applications because they meet stronger verification requirements and can be more user-friendly. In addition, this eliminates the costs of sending a confirmation SMS.

So far, Raiffeisenbank, UniCredit Bank and Česká spořitelna have chosen the most stringent procedure:

Raiffeisenbank since September 2020 Incentive fee introduced: People who use SMS for verification in online banking pay an additional 19 CZK as a fixed monthly rate. Since last July, people who pay online with a card and don’t use the app have stopped receiving SMS codes on their mobile phones – instead, they’ve collected the 3D security code in electronic banking.

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UniCredit Bank It charges a special fee for both the initial setup of the “legacy” verification and CZK 1.50 per SMS.

Česká spořitelna, the largest bank by number of clients, from July 23 this year Submit Fee CZK 2.50 per confirmation SMS for online banking login, to authorize payment orders or verify online card payments. An exception has been granted for customers over 70 years of age.

ČSOB customers must without application From June 20 this year Confirm orders not only with a one-time SMS code, but also with a permanent password for ČSOB Identity.

Peter Kuchera

The author of the article is Petr Kučera

Editor in Chief of Peníze.cz. Focuses on a wide range of personal finance and consumer topics. He graduated from Charles University Law School in Prague, but loves the media more than the paragraphs. led cover czech… Other articles by the author.

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