Postbank customers will have to do without a TAN procedure for online banking from May. The financial institution discontinues the chipTAN procedure. As an alternative, Postbank is marketing an in-house solution.
There is a lot going on at the banks at the moment. They sometimes discontinue payment methods, replace credit cards with debit cards and also clean up the TAN process. For many bank customers, this means that they are currently finding out about numerous changes and need to take action if necessary. For example, the savings banks and Volksbanks have announced the end of the SMS TAN procedure. This was not considered particularly safe anyway. The chipTAN procedure, which Postbank will soon say goodbye to, is different.
Postbank advertises “BestSign” as a modern alternative to chipTAN
From May, Postbank customers will no longer be able to verify their online banking activities via chipTAN. The bank has been informing those affected about the changeover for some time. Previously, she had already said goodbye to the mobileTAN or SMS-TAN. As an alternative, Postbank refers to its in-house security procedure “BestSign”. This can be used either with the additional BestSign app, the regular Postbank app “Finanzassistent” or with an additional device from Seal One.
Also read: All TAN procedures at a glance and how they work
How does Postbank’s BestSign work?
But what is actually behind BestSign and how does the process work? Postbank recommends the specially developed app for using BestSign as an alternative to chipTAN. Bank customers who have already installed the “Finanzassistent” app can also use it to verify their transactions. The advantage of the apps: It is not necessary to purchase a separate device and banking transactions can also be carried out directly via the smartphone while on the go.
In order to be able to use BestSign with the app of the same name, it must first be downloaded and set up with the customer’s respective Postbank ID. During setup, customers specify an individual password for access to the app. If your smartphone supports this, you can also activate verification via face recognition or fingerprint in the following step – it is then no longer necessary to enter the password. In addition, the process must be activated before it can be used for the first time. This is done either with a TAN or with an activation code that Postbank sends in the mail.
Once the app has been set up, it can be used for all approvals for banking transactions. It is no longer necessary to enter a TAN.
Use BestSign without a smartphone
Customers who do not have a smartphone can also use BestSign with their Postbank account. But then you need an additional device, which is available from about 30 euros. The additional device from Seal One comes either in the form of a small stick or as an adapter the size of a chip card. The devices work either wirelessly via Bluetooth or are connected to the PC via USB. The most important data of each transaction is shown on the small display. If they agree, the transfer can be released at the push of a button.
Up until now, Postbank has offered BestSign alongside the chipTAN process. With the changeover in May, however, that will change and customers will have to switch completely to the new process. Postbank justifies the switch to the BestSign procedure with the fact that chipTAN is being used by fewer and fewer customers. In addition, the procedure is sometimes no longer compatible with old chipTAN generators due to technical changes. “Due to regulatory requirements, Postbank is obliged to equip new Girocards with a new type of chip. Unfortunately, some older chipTAN generators are not compatible with these bank card chips and will no longer work. It is therefore best to switch to a BestSign procedure,” writes Postbank on its website.
Lots of movement at the banks
Bank customers are currently faced with numerous changes. For example, the savings bank is parting with the GeldKarte and canceling the Girogo prepaid payment function. At the same time, the savings banks and the Volksbanks are abolishing the mobileTAN procedure.
As if that weren’t enough, many banks are currently replacing the classic Visa card and in some cases also eliminating the Girocard. The debit card, which combines a giro and credit card, should serve as an alternative. Although the debit card also scores with features such as free cash withdrawals and payments worldwide, it is – unlike the classic credit card – often not recognized by hotels and car rental companies. Customers should therefore find out exactly about the card change and the specific consequences.