The European Banking Authority (EBA) guidelines on Internet Payment Security are a series of rules designed to improve the security of online transactions and protect consumers from potential fraud. These guidelines, part of the Second Payment Services Directive (PSD2) regulations, are mandatory for all payment service providers in the European Union.

Through these security protocols, the risks and frauds currently exist in Internet payments are reduced to meet the objective of protecting their customers and providing a quality service. Among the most notable points of the EBA guidelines are the following:

Strong Customer Authentication (SCA): Most online transactions are required to be protected by SCA, which requires the use of at least two of the following factors:

  • Knowledge: Information only the user knows, such as a password or PIN.
  • Possession: Something that only the user possesses, such as a mobile phone or a security token.
  • Inherence: A physical characteristic inherent to the user, such as a fingerprint or facial recognition.
  • Transaction monitoring: Institutions must implement systems to monitor transactions in real-time and detect suspicious or fraudulent activity.
  • Information security: Payment service providers must ensure that sensitive data (such as login credentials) are protected at all stages of the payment process. This includes encryption and other data protection mechanisms.
  • Responsibilities: Institutions are responsible for ensuring that their services and platforms comply with security regulations, including credential protection and risk management.
  • Education: Financial institutions are required to educate their customers about security risks and best practices for protecting their data.
What are the European Banking Authority guidelines on Internet payments security that regulate Pilsenga?

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