Secure retail payments are key  The security of retail payments is a key issue as regards consumers’ and businesses’ trust and confidence in SEPA. The risk-based approach adopted by individual banks may be sub-optimal. Commercial risk tolerance may differ from social risk tolerance. SEPA requires a harmonised minimum level of security for retail payments in Europe.
With regard to the level playing field for the security of payments, there seems to be a need for greater clarity about both the actors involved in defining security requirements across Europe and the requirements set by these actors. Moreover, there needs to be a common understanding about the substance of certain security requirements.