Serious concerns over new, unsafe Internet payment services
News
| Date | 13 November 2009 |
During its meeting on 11 November 2009, the National Forum on the Payment System (Maatschappelijk overleg betalingsverkeer) pronounced its grave concerns about the appearance of new, unsafe payment services for online purchases, in which a third party interposes itself between the customer and the customer’s bank. As part of the procedure, the customer provides secret Internet banking codes to a third party by entering them outside the bank’s secure online environment.
At least technically, these so-called 'overlay payment services' that employ this method, thereby breach the security provided by existing internet banking applications. It is precisely for the safety of Internet banking that consumers need to keep these data secret.
The Forum welcomes competing and innovative payment applications – provided they offer adequate protection for the safety of parties concerned. However, in the opinion of the parties participating in the Forum, this protection is not offered in the case of overlay payment services. Because the providers of such services are not subject to supervision, the Forum will inform the Minister of Finance of its concerns and ask him to see that adequate safeguards are provided. See download below for more information on overlay payment services.
During the meeting, it was also decided to warn consumers and businesses against identity fraud. Many consumers are unaware of the risk that their personal details may be collected and misused by malicious parties. Therefore, the Forum has published guidance.
Finally the Forum meeting decided to investigate the accessibility of payment services for both consumers and retailers in 2010. An earlier study in 2007 did not reveal evidence of general accessibility problems. The Accessibility Monitor 2010 will appraise the changes that have occurred in the past three years and chart developments and trends in the accessibility of payment services.
The National Forum on the Payment System (MOB) is dedicated to promoting the efficiency of the payment system for consumers, enterprises and banks alike. Represented in the Forum are umbrella organisations of consumers, mainstreet and e-commerce retailers, small and medium-sized businesses and the banking industry.
