Postbank customers will have to do without a TAN procedure for online banking from May. The bank is discontinuing the chipTAN procedure. As an alternative, Postbank is marketing an in-house solution.
At the moment, there is a lot of movement among banks. They are sometimes discontinuing payment methods, replacing credit cards with debit cards, and also cleaning up their TAN procedures. For many bank customers, this means that they currently need to find out about numerous changes and 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 secure anyway. The chipTAN procedure is different, and Postbank will soon be saying goodbye to it.
Postbank promotes “BestSign” as a modern alternative to chipTAN
As of May, it will no longer be possible for Postbank customers to verify their online banking activities via chipTAN. The bank has been informing those affected about the changeover for some time. Previously, it had already said goodbye to mobileTAN or SMS-TAN. As an alternative, Postbank refers to the 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 the company Seal One.
Read also: All TAN procedures at a glance and how they work
How does BestSign of Postbank work?
But what is actually behind BestSign and how does the procedure work? For the use of BestSign as an alternative to chipTAN, Postbank recommends the specially developed app. However, bank customers who have already installed the “Finanzassistent” app can also verify their transactions via it. 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 move.
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. In the course of the setup, customers define an individual password for access to the app. If their smartphone supports this, they can also activate verification by facial recognition or fingerprint in the following step – it is then no longer necessary to enter the password. In addition, the procedure must be activated before the first use. This is done either by TAN, or by activation code, which Postbank sends by mail.
Once the app has been set up, it can be used for all approvals of 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. However, they then need an additional device, which is available from around 30 euros. The additional device from Seal One comes either in the form of a small stick or as an adapter about the size of a chip card. The devices either work wirelessly via Bluetooth or are connected to the PC via USB. The small display shows the most important data of each transaction. If the data is correct, the transfer can be approved at the touch of a button.
Until now, Postbank offered BestSign parallel to the chipTAN procedure. With the changeover in May, however, this will change and customers will have to switch completely to the new procedure. Postbank justifies the changeover 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. Some older chipTAN generators are unfortunately not compatible with these bank card chips and will no longer work. Therefore, it is best to switch to a BestSign procedure,” Postbank writes on its website.
A lot of movement at the banks
At the moment, bank customers are facing numerous changes. For example, the Sparkasse is parting with the GeldKarte and canceling the Girogo prepaid payment function. At the same time, the savings banks as well as 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 is supposed to serve as an alternative, which virtually combines a giro and credit card. Although the debit card also scores points 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 agencies. Customers should therefore inform themselves carefully about switching cards and the specific consequences.