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By msmash from Slashdot's better-security department:
July 11 '19 at 02:31 PM
Multiple German banks have announced plans to drop support for SMS-based one-time passcodes (OTP) as a login authentication and transaction verification method. From a report: Postbank plans to drop support in August, while Raiffeisen Bank and Volksbank plan to do so in the fall, Handelsblatt reports. Deutsche Bank and Commerzbank also plan to drop support for SMS OTP but have not announced a deadline, while Consorsbank plans to discontinue it by the end of the year. Other banks like DKB and N26 have never deployed the technology, while ING has not made any public statements on its plans. The reason why German banks are dropping support for SMS OTP is because of legislation that the EU passed in 2015, set to enter into effect on September 14, this year. In 2015, the EU revised the Payment Services Directive (PSD), a set of rules that govern online payments in the EU, and issued an updated version called the PSD2. This legislation also included a clause for strong customer authentication (SCA) mechanisms.