Every consumer makes one or more payment transactions almost every day. However, the way consumers pay is changing. Moving from coins, notes, cheques, cards and wire transfers, payments increasingly take place online and via mobile phones. This allows for more payment options and more convenience but also brings new challenges to keep consumers’ bank accounts, payment cards and e-wallets secure. This paper addresses how a revised Payment Services Directive 2 (PSD2) needs to be updated to ensure a high-level of consumer protection in these changing realities.