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ARTICLE · 09 AUGUST 2017

Guidance On Reporting Fraudulent Payment Transactions Under PSD2 Proposed

Pinsent Masons
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Banks and other payment service providers (PSPs) will be obliged to record details of fraudulent payment transactions and report the data to regulators on both a quarterly and annual basis...

European UnionFinance and Banking
David Heffron
David Heffron

Banks and other payment service providers (PSPs) will be obliged to record details of fraudulent payment transactions and report the data to regulators on both a quarterly and annual basis, under new plans outlined by the European Banking Authority (EBA).

The data to be reported quarterly would be less detailed than what PSPs would be required to submit annually, according to the EBA's proposals. Small PSPs would only face an annual reporting duty.

The draft guidelines (60-page / 709KB PDF) specify what PSPs need to do to comply with high-level fraud reporting requirements set out in the revised EU Payment Services Directive (PSD2). PSD2 requires that PSPs report "statistical data on fraud relating to different means of payment" to national regulators at least annually. The regulators are obliged to share the data with the EBA and European Central Bank (ECB) in "an aggregated form".

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