The European Central Bank (ECB) released its “Recommendations for the security of internet payments”, developed by the European Forum on the Security of Retail Payments, SecuRe Pay. The document is the result of a public consultation held in 2012 to which 17 EU countries’ authorities contributed with their comments.
The ECB’s recommendations form a solid base for the second public consultation round where Mr. Paul Alfing (E-Payments Working Committee Chairman) will represent Ecommerce Europe. Paul Alfing: “At the last meeting, we put strongly forward the importance of reach, conversion and fair cost. This meeting is a good opportunity to elaborate more on reach by focusing on the possibilities of Access to Account by third parties.
Although the recommendations are applicable to governance authorities of payment schemes and payment service providers (PSPs), you as a web-merchant are encouraged to adopt some of the best practices. The main recommendations include a stronger customer authentication, limiting the log-in attempts and a fraud monitoring mechanism. For the ECB’s press release and a link to the full report, please click here.