ECB To Take Tougher Approach to Internet Security
The European Central Bank (ECB) has recently been consulting on new standards to enhance Internet payment security following reports that fraudulent transactions over the Internet and MOTO amount to more than £220 million in 2011, in the United Kingdom.
By encouraging cooperation between the regulators of EU payment service providers (PSPs), including banks, credit card providers and card payment schemes it is hoped that the new recommendations will be implemented by 2014.
The current online payments industry will have an additional layer of security measures placed on top of the existing required standards of the Payment Card Industry Data Security Standards (PCI DSS), which helps to protect any business that processes, stores or transmits sensitive customer card data.
PCI DSS is a set of card payment security standards implemented by global payment companies American Express, Discover, JCB, MasterCard and Visa.
What next?
Going forward transactions should only be initiated following customer authorisation and authentication via password, on top of the usual 3D secure and PCI DSS measurements.
It is also recommended by the ECB that PSPs carry out regular assessments of their Internet payment services and aim to educate their customers in such matters.
Angus McFadyen, Technology and Payments Law Expert of Pinsent Masons, said: “If the recommendations are accepted then retailers will be expected to apply the same standards as payment providers”.
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