“Fourteen Points” for Payments: EC Sets eCommerce Rules

A new report issued by the European Central Bank offers 14 recommendations to improve the security of internet payments, applicable to all payment service providers (PSPs) doing business within the European Union. The report says that an organized set of key recommendations “is expected to contribute to fighting payment fraud and enhancing consumer trust in internet payments.”

The 14 points themselves are motivated by four “guiding principles:” that PSPs should perform specific risk assessments on a regular basis; customer authentication should be strong (involving two or more factors); transactions should be authorized and monitored effectively; and PSPs should invest in customer awareness and education about payment security.

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See the full report here.