A document endorsed for public consultation by the European Central Bank gathers recommendations for the security of internet payment. In particular, the text is aimed to contribute to fighting payment fraud and enhancing consumer trust in such services by harmonising minimum security recommendations.

The Governing Council of the European Central Bank (ECB) endorsed for public consultation the “Recommendations for the security of internet payments” document, in the context of the work undertaken by the European Forum on the Security of Retail Payments.  In January 2012, the Commission also published a public consultation to secure and innovative card, internet and mobile payments. The text is aimed at harmonising minimum security recommendations to contribute to fighting payment fraud and enhancing consumer trust in such services. The contributions to the draft document can be sent by mail by 20 of June 2012.

As defined in the Payment Services Directive, the key considerations and best practices are applicable to all payment service providers (PSPs) that provides internet payment services, such as: the execution of card payments on the internet, including virtual card payments, as well as the registration of card payment data for use in wallet solutions; therefore, the document includes a number of the recommendations addressed to PSPs offering acquiring and/or issuing services, as well as to governance authorities of card payment schemes. Moreover, other market participants, such as e-merchants, are encouraged to adopt some of the best practices.

The European Forum on the Security of Retail Payments was established in early 2011 at the suggestion of the Payment and Settlement Systems Committee of the ECB as a voluntary cooperative initiative between relevant European authorities - supervisors of payment service providers and overseers in particular. Its purpose is to facilitate common knowledge and understanding of issues related to the security of electronic retail payment services and instruments.