Security of Retail Payments

The European Forum on the Security of Retail Payments (SecuRe Pay) aims to foster a harmonised level of security in this field.

The Forum is co-chaired by the European Central Bank (ECB) and the European Banking Authority (EBA). The Central Bank of Cyprus (CBC) is represented therein, under its role as oversight authority of payment systems and instruments, as well as supervisor of payment service providers.

The ECB, under the umbrella of the SecuRe Pay Forum, has been involved in the work led by the EBA to develop regulatory technical standards and guidelines addressed to payment service providers, as mandated by the revised Payment Services Directive (PSD2).

Fraud Reporting

In line with EBA’s Guidelines on fraud reporting under PSD2, payment service providers must provide to the CBC, at least on an annual basis, statistical data on fraud relating to different means of payment.