EBF response to European Banking Authority’s Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive

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BRUSSELS, 22 April 2022 – The EBF has recently responded to the European Banking Authority’s Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive.
The EBF’s response highlights that the data collected by the EBA reflects a low level of incidence of frauds, showing that the safety measures taken by European Payment Service Providers are adequate. Nonetheless, authorities should be cautious to use the EBA data as a basis for policy measures, as the current data is based on a sample of countries only. We believe that the introduction of Strong Customer Authentication has brought many benefits to the security of the sector and of the clients and proved to be an appropriate measure. However, as new fraud patterns (such as social engineering) are being recorded, the EBF suggests that the new fraud techniques be explored in detail and a regulatory link be made with cybersecurity acts and incident/security guidelines. Finally, the EBF believes that a greater harmonisation among countries is highly desirable to prevent frauds from arising through regulatory arbitrage.

For more information:
Anni Mykkänen, Senior Policy Adviser – Innovation & Payments, a.mykkanen@ebf.eu
Beatrice Mora, Innovation & Payments team, b.mora@ebf.eu

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About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.