EBA guidelines on security of internet payments
12/14 PropertyBanking & Finance
Payment Services - Internet Payments - EBA Guidelines
EBA published on 19 December 2014 its guidelines on security of internet payments.
The guidelines are based on the recommendations of the European Forum on the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative set up by the ECB and comprising relevant authorities from the European Economic Area (EEA) with the aim of facilitating understanding of issues related to the security of electronic retail payment services.
The guidelines set forth the minimum security requirements that payment services providers in the EU will be expected to implement by 1 August 2015.
Prevention of internet fraud, whether through banking services or internet card payments is a major concern. Besides various measures aimed at more efficient and secure internet payments across the EU, the guidelines require in particular that payment service providers carry out strong customer authentication to verify the customer identity before proceeding with an on-line payment.
For the guidelines click here.
Régine Feltkamp / Joeri Danhieux