European Central Bank will assess the safety of online payments

06 Feb 2014

Assessment focuses on management practices, rates and reducing risk, and protecting sensitive data, – says

The Governing Council of the European Central Bank (ECB) approved the "Guidelines to assess the safety of Internet payments". This document was prepared by the European Forum for Security of retail payments. Handbook is designed to facilitate providing the correct cash transfers. The procedure for transferring funds via the Internet will be controlled by special regulatory authorities across the European Union and European Economic Area.

The manual on safety assessment of online payments sets out criteria for assessing all the procedures that make up the service of money transfer over the Internet. These include risk management, customer information, basic precautions, monitoring and authorization of payments, protection of sensitive payment information and awareness of customers about the process of transfer.

European Forum for Security of retail payments is focusing on the dissemination of information about the service within the population, and ensuring the security of personal data of customers.

The manual will be available to the authorities and service providers of online payments. Organizations must implement all the recommendations of the directors by February 1, 2015.