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The FSA has requested general views from PIF on the ECB’s new recommendations on the security of payments made over the Internet.
The recommendations, which will be published shortly, looks at the way in which cybercrime is growing and the process and procedures in place in relation to reporting. Whilst much is covered by existing PCI DSS guidance PIF understands that the basis for the new recommendations is to enable the ECB to understand areas where there is potential for security to break down against the backdrop of the escalation of internet payments and security issues that could grow proportionally.
Payment Service Providers (PSPs) will be expected to implement the recommendations by 01 July 2014. In terms of how the recommendations will be applied the ECB states that “The national basis for implementation of the recommendations is by national authorities and may be provided by domestic legislation transposing the payment services directive and/or existing oversight and supervisory competence of the relevant authorities”.
The draft ECB Security Recommendations were circulated subsequent to the PIF Legal & Regulatory Briefing held on 19th April 2012. Responses were invited by 20 June 2012.