Online banking: Banks will eliminate a function in the summer

Deepak Gupta
Deepak Gupta February 1, 2022
Updated 2022/02/01 at 12:34 PM

All those who online banking at the Sparkasse and the Volksbanken expect a change from the summer of 2022: The banks will abolish SMS-Tan. But there are alternatives.

Online banking soon without SMS tan

Anyone who uses online banking with SMS-Tan will have to switch to a different method in the coming months. The savings bank and the Volksbanken would like to abolish the security procedure. The Handelsblatt reports, citing statements from the IT service providers of the banking groups. FI boss Andreas Schelling told the platform:

“We plan to switch off the SMS tan procedure in the middle of the year. So the customers still have about six months to switch to other processes.”

Andrew Schelling

In the summer of 2022, the mobile tan should no longer be available at the Sparkasse and the Volksbanken.

Why is the procedure discontinued?

To date, around 2.4 million customers use SMS-Tan for online banking. However, there have long been concerns about the safety of the process. For example, criminals could fish out tans sent by SMS. Even with a lost smartphone, the procedure can be problematic.

However, the reasons for the end of the mobile tan are the costs. Sending messages via the app-based push-tan procedure is cheaper:

“We can save the institutes several million euros per year with this, although we already buy the SMS quotas very cheaply on a large scale.”

Andrew Schelling

Also interesting: This is how you can change the online banking PIN at the Sparkasse.

These alternatives exist

If you still work with the SMS tan for online banking, you should consider using a push tan via app. This is also easier to use. The tan generator also offers another option. This works differently depending on the bank group. You scan a code from the computer screen with an extra device and the generator then shows you a tan for the release of the order.

It’s possible that you’ll just have to change over to online banking in the future. After all, you are offered two alternatives.

Source: Handelsblatt

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