Regulatory changes mean that you may increasingly be offered new financial services to give you more choice and control over your finances. To use these services, you will be asked to give consent to your bank or another provider to access your financial data or to make payments on your behalf.
Please ensure that you are aware of these changes and how they may affect you by visiting the website for the UK Finance PSD2 Customer Factsheet
You should make sure you are confident the organisation you share your information with, are who they say they are and remember:
- A genuine bank or organisation will never contact you out of the blue to ask for your PIN, full password or to move money to another account.
- If you share account data with a company or service, it’s their responsibility to protect it. You should make sure you understand how a company or service plans to use your data.
- If you don’t know who you are talking to, or there is reason to suspect that the provider is not who they claim to be, don’t disclose your banking security details, or other personal or financial information.
- You can check whether a service you’re thinking of using is safe by asking the provider for more details and confirming that they are approved by the Financial Conduct Authority or another EU regulator.
Fraudsters will often try to impersonate somebody we trust so it’s important to understand the difference between a legitimate request to share your account information for a service you’ve chosen to use and an unexpected request. You should always Take Five and think ‘My Money? My Info? I Don’t Think So’.
You can also find more information on the Financial Conduct Authority website