Guidelines on fraud reporting under PSD2
The European Banking Authority (EBA) has published its final Guidelines on fraud reporting under the revised Payment Services Directive (PSD2). The Guidelines were developed in close cooperation with the European Central Bank (ECB), with the aim of enhancing the security of retail payment transactions in the European Union (EU). They set out a consistent methodology according to which EU payment service providers are required to collect and report data on transactions, including fraudulent payment transactions.
PSD2 entered into force in 2016, opening up the EU payments market to third-party payment service providers. It supports innovation and competition in retail payments and helps ensure that payment transactions remain secure and consumer data are protected.
For more information on PSD2, read our MIP OnLine article.