Polish banks function under new standards for online payment security

Thursday 11 December 2014 00:31 CET | News

The Polish Financial Supervision Authority (KNF) has set new security standards for the online payment systems of Polish banks.

The KNF previously asked lenders to ensure that their remote payment systems are secured by a strong authentication method, which can include either permanent or one-time passwords and biometric data.

The majority of Polish banks offer clients the ability to make payments online by using data detailed on the card, including the number, expiry date and the card verification number.

A few banks including Bank Millennium, ING Bank Slaski and Citi Handlowy already comply with KNF’s new standards by using the 3DSecure system, while several other banks are in the midst of implementing the system.

KNF said that any bank that does not implement 3DSecure or a similar system by January 31, 2015 may not be able to offer remote payments.

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Keywords: financial institutions, online payments, online security, passwords, biometrics
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime