Tackling Internet Payment Security

Insight into the SecuRe Pay Forum Recommendations

Download: Tackling Internet Payment Security ReportWith a boom in global ecommerce, and widespread use of CNP (Card Not Present) payment methods, inevitably comes greater Internet payment security risk and fraud. Understandably, consumer concern surrounding data security and payment fraud is damaging the prosperity of the ecommerce market. In response to this, the European Forum on the Security of Retail Payments, known as the SecuRe Pay Forum, published a set of recommendations surrounding Internet payment security and fraud reduction. Innopay and Payvision have interpreted these recommendations in this white paper, with additional attention points. A supporting survey was also circulated to industry experts, to understand their stance on the subject.


Overall, the SecuRe Pay recommendations are correctly addressing the important subject of Internet payment security. They will generate greater awareness on the topic, and set a welcome baseline standard for the industry. Results of this should increase both consumer and merchant trust.


However, there are some ambiguities and limitations. Some terms are not adequately defined and allow room for regional interpretation, threatening a harmonized market and level playing field. With increasing cross-border ecommerce, requirements that operate with an EU-only focus could be disruptive to international competition.


In addition, the recommendations do not fully align with pre-existing legislative initiatives on the same subject. Furthermore, the recommendations threaten to limit innovation by being too strict on some authentication factors, thus not allowing scope for a risk-based approach to data security, or trends such as unbundling of customer authentication, driven by the mobile revolution. Liability shift systems are indeed already in place, such as 3D Secure, of which most European customers are familiar with.


Finally, the indicated timescale for implementation of the SecuRe Pay recommendations is questionable.


A survey on the SecuRe Pay recommendations was circulated to gain insight from industry experts. The results indicate that signs of overregulation are present, and the market is confused and lacks clarity.


It is expected that the overall results of the recommendations will have a positive impact on the security of the payments industry. Yet, in an evolving technological environment where fraud reduction must also be delicately balanced with user experience, there is a question mark over whether innovation and conversion will also be stimulated.


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