European bank watchdog sets online payment rules for fraud protection

Monday 22 December 2014 10:03 CET | News

Europes banking watchdog has warned internet payment service providers to tighten security procedures by August 2015 to combat a jump in online fraud.

The European Banking Authority (EBA) set guidelines for minimum security requirements that payment services providers across the EUs 28 member states must meet by August 2015.

Losses from fraud on card internet payments alone was EUR 794 million in 2012, up 21% from 2011. The EBA guidelines include requiring payment service providers to carry out customer authentication before proceeding with an online payment.

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Keywords: Europe, banking system, watchdog, security, digital medium, Customers, payments service provider, fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime