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Wednesday, April 25, 2012

ECB endorses security recommendations

On April 11, 2012, the European Central Bank endorsed Recommendations for the Security of Internet Payments, a report created by the European Forum on the Security of Retail payments.

The report contains recommendations for payment services providers. These include advice on best practices and key considerations for card payments on the Internet, registration of payment data in electronic wallets, Internet credit transfers, and direct debit mandates. Other recommendations target acquiring and issuing services and card payment governance authorities.

In its press release promoting the recommendations, the ECB said, "Implementation of the recommendations will be based on the existing legal framework. The authorities represented in the Forum are committed to supporting implementation in their respective jurisdictions and will strive to ensure consistency across countries."

The European Forum on the Security of Retail Payments was established in early 2011 by the ECB's Payment and Settlement Systems Committee. The forum is a voluntary initiative among European authorities – particularly those supervising payment services providers. It was created to promote knowledge and understanding of electronic retail payment security.

The ECB is accepting comments on the recommendations until June 20. The recommendations can be downloaded at www.ecb.int/pub/pdf/other/recommendationsforthesecurityofinternetpaymentsen.pdf?3a462b10248b950c3bb179a78c121283 .

The ECB promises to publish all comments on the Internet unless the author objects. Comments may be submitted to the European Central Bank, Secretariat Division, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany. Comments can also be emailed to ecb.secretariat@ecb.europa.eu . end of article

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