Consolidation of EBAs fraud reporting requirements demanded by European fraud experts

This should be paused until the entry into force of the revised ECB Regulation on Payments Statistics. In a note, 18 account-servicing payment service providers (AS-PSPs) from 10 European countries present their recommended steps to ensure a uniform, consolidated and stable approach to fraud reporting across all member states of the European Union. The recommendation note is the result of a series of workshops jointly organised by the PSD2 Practitioners’ Panel and the SCT Inst Migration Action Round Table (SMART2).

AS-PSPs across the continent are presently implementing national transpositions of the Guidelines on Fraud Reporting under PSD2 issued by the European Banking Authority, which will be followed by an updated version of the European Central Bank Regulation on Payments Statistics (Regulation (EU) 1409/2013) scheduled to become applicable in 2021 and foreseen to incorporate and supersede the EBA Guidelines.

The aim of the EBA Fraud Reporting Guidelines was to 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, definitions and data breakdowns. It foresees the submission of a uniform set of data by PSPs to their national competent authorities on a semi-annual basis, starting from 2019.

The recommendation note is available for download here and has been endorsed by institutions such as Bank of America Merrill Lynch, Barclays Bank, Deutsche Bank, Intesa Sanpaolo, Nordea Bank, UniCredit, and more. If you are interested on this topic, Irena Dajkovic, a partner of DALIR law firm, sheds some light on EBA’s points regarding fraud reporting under the PSD2 for payment service providers.