First European Forum on the Security of Retail Payments

• This European Forum was announced in ECBs 7th SEPA Progress Report. Its first meeting was held on 28 February 2011.

See November 2010 Watch

• This Forum aims to monitor market development, favour coherence in payment security expectations and create binding recommendations. Strong authentication is one of the most important issues to be studied.
• The forum is composed of national central banks’ experts in payment schemes and, according to the given considered issues, experts from the industry sectors could also be invited.
• The ECB required more transparency on security controls and on relevant payment security authorities.

• Europe is getting more and more involved in preventing means of payments frauds. According to European commissioner Mr Barnier, proper coherence is currently being established as well as a dedicated database and further cooperation with Europol is being set up.

Source: European Parliament

• We might trust that these European meetings every quarter should play an increasingly prevailing part in the knowledge of payment card fraud as is the case with the annual Banque de France Observatoire sur la Sécurité des Cartes de Paiement report (acknowledged reference in card fraud prevention statistics).
• To be efficient, this prevention requires a general and consolidated overview of the risks. This European forum will also be able to recommend actual and coordinated actions in the EU banking world.