In recent years, cases of payment fraud have seen a steady
increase in Belgium, with the FSMA reporting that in 2024 it
received 20% more reports of fraud-related activities compared to
2023. It also reported that 2024 marked the year in which the FSMA
received the highest number of reports to date.
Once fraud is detected, fraud victims will often try to invoke
the responsibility of their payment service providers
('PSPs' – often banks) in order to
recoup at least part of the defrauded funds. This has led to a
number of cases brought before Belgian courts, which often revolve
around situations of phishing or spoofing.
In this legal insight, we dive into (i) a brief overview of the
Belgian legal regime on payment fraud, (ii) the main points of
discussion that arise between banks and fraud victims, as well as
(iii) the future outlook of payment fraud regulation.
