Most retailers in Australia will already be familiar with the Payment Card Industry Data Security Standards (PCI DSS) – the best practice guidelines which govern the safe processing and storage of consumer credit and debit card information.
However organisations which accept electronic payments have a new set of best practice regulations to learn this month, following the arrival of the new ePayments Code.
The voluntary code – which replaces the outgoing Electronic Funds Transfer Code (the EFT Code) – offers rules and guidelines surrounding internet banking and other such electronic payments.
According to Australian Securities and Investments Commission commissioner Peter Kell, the code will build on the EFT Code and address new and emerging issues "in the rapidly changing electronic payment market".
"Consumers who deal with subscribers to the ePayments Code can be confident they will be protected if things go wrong," said Mr Kell in a statement released March 20.
Amongst the new regulations included in the code are rules surrounding accidental payment transfers and what happens when a person uses a stolen or lost cell phone to make payments without authorisation.
The Australian banking and mutual sectors have expressed their support for the code, as has global e-commerce business PayPal.
"Our consumers are regularly accessing their digital wallet via a range of connected devices. This demonstrates how technology is driving rapid change in consumer behaviours in regards to payments," said PayPal Australia managing director Jeff Clementz.
"The new ePayments code is a dynamic code which acknowledges these technology advancements and demonstrates ASIC’s commitment to protecting consumers."
This new code is yet another example of how technology is rapidly changing the way in which many Australians manage finances and do business with one another.
Whilst technology has offered Australian organisations a myriad of opportunities in terms of creating stronger relationships with consumers and fostering business, it has also presented new risks.
For that reason, any organisation which accepts payment via a debit or credit card must ensure that it is maximising vulnerability management by by fully complying with the PCI DSS.
You can read the latest edition of the ePayments Code by clicking here.