EBA publishes final Guidelines on fraud reporting under PSD2
The European Banking Authority (EBA) published on 18 July 2018 its final Guidelines on fraud reporting under the revised Payment Services Directive (PSD2). These Guidelines were developed by the EBA in close cooperation with the European Central Bank (ECB) and several European Central Banks and are addressed to payment service providers and competent authorities. They are aimed at enhancing the security of retail payments in the EU.
The Guidelines require payment service providers across the 28 EU Member States to collect and report data on payment transactions and fraudulent payment transactions using a consistent methodology.
After the public consultation of the draft Guidelines in August 2017, a number of changes to the Guidelines and related annexes were introduced. In particular, the reporting frequency and reporting period have been aligned. The final Guidelines now only require the reporting of a uniform set of data on a semi-annual basis. With regard to the geographical scope of the data, the Guidelines now only require a uniform geographical breakdown instead of three different ones. In addition, fraudulent transactions where the payer is the fraudster are no longer within the scope of the Guidelines.
There were made particular efforts further to align the Guidelines with related reporting requirements, in particular with the ECB Regulation on payment statistics (ECB/2013/43).