European bank watchdog sets online payment rules for fraud protection
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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