The European Central Bank (ECB) has announced a set of new rules to improve the security of Internet payments across the various providers in the continent.
The detailed recommendations, put together by the European Forum on the Security of Retail Payments, provide clarity on issues such as governance, risk management and mitigation, customer information and due diligence. The new rules cover the initiation, monitoring and authorisation of payments, protection of sensitive payment data, and customer awareness and education.
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As the new guide suggests, in order to protect customer transactions, firms should limit the number of log-in or authentication attempts, defining rules for Internet payment services session "time out" and set time limits for the validity of authentication.
The guide will support governance authorities of payment schemes, as well as Internet payment service providers in implementing the recommendations by 1 February 2015.
ECB also announced it is working on a new guide for mobile payments security, with rules set to come in by February 2017.
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