The European Banking Authority (EBA) published a Draft Opinion on new types of payment fraud and possible mitigants.

The EBA Opinion presents emerging fraud trends and proposed measures to fortify the upcoming PSD3 and PSR frameworks in the EU.

During the EBA’s analysis of fraud data from 2022, an increase in fraudulent payments in instant payments compared to traditional credit transfers was identified, alongside an increased use of social engineering for more complex fraud.

Key proposals include:

  • Reinforced security requirements;
  • Implementation of a fraud risk management framework;
  • Amended liability rules;
  • Strengthened and harmonised supervision of fraud management; and
  • The establishment of unified security standards for an EU-wide information sharing platform.

Firms can view the Opinion to gain insights on how to embed anti-fraud measures within operations.

https://www.eba.europa.eu/publications-and-media/press-releases/eba-has-identified-new-types-payment-fraud-and-proposes-measures-mitigate-underlying-risks-and

Share with: