Press Release: Financial services: payment security is key to improving consumer confidence in new payment services, says Commission report

The European Commission published a report on the actions undertaken on prevention of payment fraud between 2004 and 2007 following an Action Plan on this matter. The report showed that the security of means of payment and payment systems is a necessary condition for improving consumer confidence and trust in new payment services. From a regulatory point of view, the security of means of payment has been addressed in recent legislation, namely in Payment Services Directive, and also the third Money Laundering Directive by means of the 'know your customer' obligations. The development of the Single Euro Payments Area (SEPA) by industry will provide an opportunity to build on the legislative framework to increase both security and trust.