BÓ | ABOUT BÓ

Keeping you safe and secure: Improving card security

By | January 24th 2020

New legislation coming in means we’re sending you a new card. Here’s what you need to know...

At Bó we want to keep your account secure and money safe at all times. There's a new bit of legislation, the EU's Second Payment Services Directive (PSD2) and Strong Customer Authentication (SCA), that will help all banks in the UK to do this. It's ushering in the use of stronger identity checks when you're using your card to pay for things in person and online to help you protect you from fraud.

What these regulations mean for you

You will receive a new Bó card

If you opened a Bó account prior to January 3rd, we will be sending you a new card in the next few weeks. Once it arrives cut up and dispose of your old one. We're introducing these cards because they will make it easier for us to make sure that the person using your card is actually you. If you are unsure when you opened your account, speak with our Support team via the app.

If you opened an account after January 3rd, you will automatically have been sent one of our new cards so nothing will change for you.

There's a new bit of legislation, the EU's Second Payment Services Directive (PSD2) and Strong Customer Authentication (SCA), that will help all banks in the UK to do this. It's ushering in the use of stronger identity checks when you're using your card to pay for things in person and online to help you protect you from fraud.

You will use Chip & PIN more often

One of the key ways PSD2 is improving security is that you will be asked to use Chip & PIN more often when you're making payments (i.e. you will have to put your card in the machine and enter your PIN).

When will Chip & PIN kick in?

Once you've spent a certain amount via contactless transactions, you will hit your spending limit and have to enter Chip & PIN before you can go back to using contactless to pay for things. Punching in your PIN resets the limit and then you can carry on tapping your card again.

Asking you to use your PIN, which only you know, is how we check that it's actually you making the transactions. It also makes sure that if someone did get hold of your card, they can only spend a certain amount before they are stopped in their tracks.

What about travelling by Public Transport?

Don't worry you will still be able to use your debit card on mass transit (e.g. TFL, Lothian Buses and Trams, GMPTE) even after you reach the limit.

Why have the rules changed?

According to UK Finance, fraud losses on UK-issues cards totalled £671.4m in 2018, a 19% increase from £565.4m in 2017. PSD2 and SCA have been introduced to help reduce fraud, improve security and to keep your account safe.

Keeping you safe, secure and protected

If you want to know more about how we keep your money and data safe, secure and protected, read our FAQs or contact our Support Team (log into the app and tap on Support).

Please ensure you activate your new card before March 14th, after this all old cards will be deactivated.

Bó is part of National Westminster Bank Plc (“NatWest”), registered in England and Wales (Registered Number 929027). Registered Office: 250 Bishopsgate, London, EC2M 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NatWest is entered on the Financial Services Register and its Register number is 121878. The Financial Services Register can be accessed at www.fca.org.uk/register. NatWest's registered VAT number is GB 243852752.

Bó is protected by The Financial Services Compensation Scheme (FSCS). Read more here.

* If you have accounts with Bó and NatWest, the maximum you would be able to claim across all accounts combined is £85,000.

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