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    EBA Publishes Final Guidelines on Fraud Reporting Under PSD2

    July 18, 2018

    EBA published the final report on the guidelines on fraud reporting under the revised Payment Services Directive (PSD2). In addition to the guidelines, the final report contains a table summarizing the responses received to the consultation, the EBA analysis of the responses received, and the resulting changes to the guidelines. The guidelines are addressed to payment service providers and competent authorities in EU.

    The guidelines 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. Having assessed the responses received to the consultation paper it had published in August 2017, EBA decided to make a number of changes to the guidelines and related annexes. The final guidelines no longer require quarterly reporting of high-level data and a more detailed set of data on a yearly basis, but the reporting of a uniform set of data on a semi-annual basis instead. 

    Additionally, the geographical scope of the data has been reduced in size and complexity compared to the draft guidelines that had been proposed in the consultation paper; this is because the guidelines no longer require country-by-country data breakdowns and there is now a uniform geographical breakdown (instead of three different ones). Moreover, fraudulent transactions where the payer is the fraudster are no longer within the scope of the guidelines. Furthermore, jointly with ECB, EBA has made further efforts to align the guidelines with related reporting requirements, in particular with the ECB Regulation on payment statistics (ECB/2013/43). 

     

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    Keywords: Europe, EU, Banking, PSD 2, Guidelines, Fraud Reporting, PMI, ECB, EBA

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