White Paper: Making Sense of ECB Recommendations on E-Commerce Security
May 19, 2014
In 2013, the European Forum on the Security of Retail Payments (SecurRe Pay), with the support of the European Central Bank, drafted a set of recommendations on Internet payment security. Today, at the CNP Expo in Orlando, Fla., Dutch PSP Payvision released a white paper interpreting the list of more than a dozen recommendations for e-commerce merchants with an eye on controlling fraud in the card-not-present channel.
“A CNP payment is in many ways like handing your wallet to the cashier for him to take out what is needed to pay for your goods, then leaving your wallet in the store, hoping it is safe,” the authors of the paper wrote. “As one can understand, card fraud increased dramatically in light of this.”
The SecuRe Pay report, prompted by an explosion in e-commerce attended by an accompanying explosion in card-not-present fraud, focused on four concepts to consider when putting their recommendations into effect: using risk-based models to complement two-factor authentication, helping clarify different roles in the payments value chain, urging companies to look beyond Europe and moving to platforms that allow for collaboration.
The white paper, co-authored by fellow Dutch payments company innopay, gives insight into the problem of card-not-present fraud in general, the recommendations made by the SecuRe Pay Forum and what companies might do to implement the recommendations.
Download a copy of the white paper here . Also, for attendees of the CNP Expo, say hello to executives from Payvision in person at booth 307 in the exhibit hall.