Bank of Valletta has said that as of the 14th September, the current BOV internet banking securekey will be deactivated.

BOV advised that its customers have the option of a free securekey (BOV Signatures) on their BOV Mobile App, or the new physical securekey at an annual fee available from BOV branches.

The Bank had said earlier this month that it was doing away with the Securekey, for the option of internet banking through BOV Signatures.

It explained that this is in line with the Payment Service Directive 2 – strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area.

The requirement ensures that electronic payments are performed with multi-factor authentication, to increase the security of electronic payments

The Bank said that its customers are being encouraged to download the free software token application for both Android or iOS. The current black Securekey will be disabled as of the 14th September.

Those customers who still wish to have a physical Securekey can call at any BOV Branch to have their current Securekey replaced with a new one that is in line with the SCA requirement.

This will come with an annual fee of €10, however the Bank of Valletta said that it is encouraging the use of the digital Securekey that is free of charge.

More information can be found by clicking here.

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