Payment system providers may have to re-think their security procedures when Australia's new low-value payments infrastructure starts operating. Faster payment processing could pose greater security risks.The New Payments Platform (NPP), whose development is being administered by the Australian Payments Clearing Association, is intended to be fast and flexible, allowing real-time settlements, as well as being able to support a host of innovative "overlays".One of the objectives of the NPP is to enable authorised deposit-taking institutions to offer consumers and businesses a range of real-time payment services. A clearing utility will connect all financial institutions, link to Reserve Bank settlement facilities and permit automated processing of detailed information along with the payments.Speakers at last week's CeBIT Future of Payments conference in Sydney said this could be a recipe for increased fraud.Westpac Institutional Bank's head of payments, Philip Joyce, said: "Fraud is going to be a bigger issue when you have faster payments and more data-rich payment information. Payments providers will have to review the way they monitor fraud."Tyro's vice president in charge of channel and product management, Andrew Rothwell, said some payment service providers used delayed settlement as an opportunity to carry out fraud detection. Rothwell said: "NPP will impose new requirements on them. They will have to manage their controls in real time. For some of them it will mean lifting their game."The Australian Payments Clearing Association's chief executive, Chris Hamilton, said the risk with fast payment processing was that it could be too late to do anything to prevent a fraud by the time it was detected.Hamilton said: "It increases the fraud risk for payment system providers."The payment card industry is about to have its data security standards updated. On November 7, the PCI Security Standards Council, which sets standards for the global payment card industry, will release a new version of its Data Security Standard and Payment Application Data Security Standard.In a preview of the new standards, the council said there would be greater emphasis on helping consumers create strong passwords, more use of authentication methods other than passwords, improved physical security for payment terminals, and more secure storage and transmission of passwords.