Changes in relation to online banking and online shopping are on the way.

The banking industry has warned consumers that changes are on the way, with regards to how they access and use their online banking services. The Banking and Payment Federation Ireland (BPFI) have said that changes will be made over the next couple of weeks, as a new European law is coming into full force. The changes will aim to provide better protection for consumers and businesses by enhancing security for online banking and reducing fraud as a result. The new security measures, also known as Strong Customer Authentication, will vary across individual banks, but will generally take the form of an additional security step before customers can access their online accounts. You may be required to update your existing app, or issue your bank with an updated phone number, but you will receive contact from your bank if that is the case. The changes will also see the introduction of Open Banking, which would feature a number of new services, including the ability to pay directly from a bank account as an alternative to a debit or credit card when shopping online. Speaking about the upcoming changes, Gill Murphy, Head of Payment Schemes, BPFI said: "It is vital that consumers take the time to carefully read the information provided by their bank in relation to PSD2. "This information will outline what changes customers can expect as well as any actions that they may need to take in order to ensure continued access to their online accounts without interruption. "It is important to remember that these changes are being introduced across Europe to help counter fraud and provide better protection for consumers and their online accounts."