US EditionEU Agrees on New Rules for Online Fraud Protection
The provisional EU payments package introduces liability for payment providers and platforms, requiring fraud prevention, transparency, and improved customer protections, officials said.
- On Thursday, the Council of the European Union and the European Parliament announced a provisional political agreement on the EU payments package that would force banks and payment service providers to better protect customers against online fraud, hidden fees and data leaks.
- Because talks revolved around fraud prevention, transparency and open banking, negotiations centred on these three key areas while formal adoption still requires finalisation by member states and the European Parliament.
- Under the draft rules, payment service providers must share fraud data, verify IBANs, apply strong authentication, offer spending limits, cover customer losses, freeze suspicious transactions, and online platforms must remove fraudulent ads.
- Consumers would gain new rights as customers receive additional pre-payment details on currency conversion charges and banks and payment service providers must ensure human customer care.
- Improved access to payment account data will boost competition for open banking providers and guarantee better cash access for rural customers needing better access to cash.
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If payment services cannot protect their customers from online fraud, they will be held liable. Is this new regulation effective – or does it only increase costs?
Under new rules agreed on Thursday, European Union consumers will be better protected against fraud and hidden charges when making payments in the future.
The EU wants to better protect consumers from online fraud and hidden charges.
EU agrees on new rules for online fraud protection
EU member states and the European Parliament have agreed on new rules to force banks and other payment service providers to better protect their customers against online fraud, hidden fees and data leaks, the Parliament said today.
EU agrees on new rules for online fraud protection
BRUSSELS :EU member states and the European Parliament have agreed on new rules to force banks and other payment service providers to better protect their customers against online fraud, hidden fees and data leaks, the Parliament said on Thursday.The new set of rules would make payment service providers liabl
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