Bank Pekao announced the introduction of two-component login for PeoPay users. This decision aims to increase the safety of transactions carried out by customers utilizing mobile banking. These changes are a consequence to the increasing risks of cybercrime, which increasingly require more advanced financial data protection methods.
Two-component login, besides called multilevel authorization, is simply a process in which the client must confirm his identity with 2 independent elements, usually something that the client knows (e.g. password) and something that the client has (e.g. mobile device). In the case of Bank Pekao, the second authorisation origin will be the PeoPay app, which means that customers will request to confirm their identity by both entering their client number and password and logging in to the mobile application.
To activate two-component login in the Pekao24 application, the client must go to the “Settings” section after logging in to the service, choice “Safety” and then enable “Two-component Logging”, selecting “Change” and including “PeoPay”. This additional safety layer is intended to prevent unauthorized access to the account, even if they take the password to the account.
Such bank initiatives aimed at enhancing the safety of online transactions are welcome by customers, especially in the context of increasingly frequent incidents of data theft and financial fraud. However, introducing fresh safety features may require additional effort from customers and adapt to fresh login procedures.
Banks bet on extra collateral, but will customers accept the raise?
The fresh changes made by banks do not only concern additional collateral but besides increases in fees for the usage of banking services. An example of this is the fresh decision by mBank to increase the withdrawal fees from abroad ATMs and to increase the minimum free withdrawal threshold from its own ATMs. specified actions aim at balancing the cost of providing banking services in the face of increasing challenges specified as increased cybercrime and changing regulatory requirements.
In conclusion, changes made by banks, specified as two-component login, are an crucial step towards expanding the safety of online transactions. However, at the same time, customers may find this to be an additional inconvenience, especially if there are increases in the charges for utilizing banking services. It is so crucial that banks find a balance between ensuring the safety of customers and maintaining affordable conditions for the usage of financial services.
Ignacy Michałowski
OSINT investigator with experience in global journalism projects. It has been publishing materials for over 20 years for the largest releases. In social activities he engaged in various projects and initiatives aimed at improving the quality of life of people, especially those of mediocre communities. He was besides active in the fight for human rights. Contact: [email protected]
