How to Report Payment Fraud in Europe Per EBA’s Guidelines

Wednesday, September 21st, 2022

You may have heard of the new European Union Payment Services Directive (PSD2) in the news lately. You may also be aware that the PSD2 is quickly evolving and that new guidelines are being released by the European Banking Authority. 

We’ve created this article to help you understand how to report payment fraud in Europe.

1. What is PSD2?

The PSD2 is a new payment standard for all European nations. The standard makes it easier for customers to use digital means of payment, such as mobile apps, to make payments. The regulations are set to ensure a better consumer experience and to protect consumers from fraud and theft in the payment process. 

2. What are the new guidelines from the European Banking Authority?

The European Banking Authority (EBA) has updated its guidelines on how to report payment fraud. 

These guidelines are expected to help protect consumers and banks. The EBA has also taken a few steps to help reduce the likelihood of being scammed. These guidelines are important to follow because they are based on European law. The guidelines state that consumers should report payment fraud to their bank. 

This will help protect them and the bank from any potential losses. You should also report your suspicions to the European Payment Card Association (EPICA) and the National Fraud Authority (NFA). 

The guidelines also state that banks should conduct risk assessments on any reported customer. This will help the bank determine if the customer is a potential scammer. 

If it is determined that the customer is a potential scammer, the bank should inform the customer that their account has been temporarily blocked. The customer will then have to contact the bank to unblock their account.

Conclusion

You need to contact your bank or card issuer to report payment fraud. If you are unsure whether you are dealing with payment fraud or not, you should contact your bank or card issuer to find out what the status of your payment is. 

If you have been a payment fraud victim, you should immediately inform your bank or card issuer of this.