The European Central Bank has launched a consultation programme over its proposals to introduce security standards for internet payments.
Its proposals are intended to harmonise the security standards applied to internet payments across the region, thereby reducing fraud and enhancing consumer confidence in online channels.
Under the ECB plans, internet payment providers would need to ensure that customers are able to “strongly” identify themselves before a payment was processed.
This strong identity would have to include two of three proposed elements: a password; something belonging to the customer, such as a token, a smart card or mobile phone; or some form of biometric check.
Other proposals include standards for recording payments and for transmitting sensitive data over the internet.
“Fraudsters have become more organised and their attacks more sophisticated, a regular assessment of the relevant risks is of utmost importance,” the consultation document stated.
The ECB consultation only covers card payments made online, and payments made through services such as PayPal.
The efforts to implement Europe-wide online payment standards has been seen in Brussels as the foundation for harmonising rules across the European Union, thereby creating the foundation for borderless transactions.
Earlier this year, the European Commission published a green paper on developing an integrated payments market across the region.
Interested parties have until 20 June to comment on the ECB proposals.
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