Online banking to introduce additional security steps from next month

Irish consumers are being urged to prepare for changes to online and mobile banking from next month.

PSD2 is a new European Law which comes into effect on September 14 to boost banking security and cut down on fraud.

Gill Murphy from the Banking and Payment Federation of Ireland says there is nothing to be worried about but you do need to follow any new instructions from your bank.

"The aim of PSD2 firstly is to keep us better protected when we use online and mobile banking channels and services," said Ms Murphy.

"We should also then see a reduction in fraud.

"The changes themselves will vary by bank but may involve an additional security step when we log on or when we use online banking services."

Ms Murphy says that it is important that customers read the information sent to them by their bank.

"The information will further explain what PSD2 is all about and will also explain what these changes may look like as we log on to our bank apps and our bank's mobile site."