ECB Endorses Internet Payments Security Guidance
Feb. 6, 2014
On Tuesday, the European Central Bank announced that it has endorsed a new guide for government agencies assessing the security of online payments. The European Forum on the Security of Retail Payments released the Assessment Guide for the Security of Internet Payments specifically for agencies within EU member states that have oversight of Internet security compliance.
The guide contains 14 recommendations on topics such as risk assessment, reporting, risk mitigation, customer authentication, transaction monitoring and more. The guide educates regulators on what to look for when evaluating security compliance of payment service providers. The ECB does warn that even following all of the recommendations will not completely eliminate the risk of online payment fraud.
“Recommendations outlined constitute minimum expectations,” the Forum said in the document. “They are without prejudice to the responsibility of payment service providers, governance authorities of payment schemes and other market participants to monitor and assess the risks involved in their payment operations, develop their own detailed security policies and implement adequate security, contingency, incident management and business continuity measures that are commensurate with the risks inherent in the payment services provided.”