European Banking Authorithy (EBA) releases Final Report - Guidelines on fraud reporting under the Payment Services Directive 2 (PSD2)
On 18 July 2018, European Banking Authorithy (EBA) has released the Final Report - Guidelines on fraud reporting under the Payment Services Directive 2 (PSD2), in order to ensure that high‐level provisions are implemented consistently among Member States and that the aggregated data provided to the EBA and the ECB are comparable and reliable, after the PSD2 has entered into force and applies in the European Union (EU), since 13 January 2018.
One of the PSD2 requirements applicable to all payment service providers (PSPs) relates to the reporting of fraud data on means of payment. More specifically, Article 96(6) PSD2 states that Payment Service Providers must provide “statistical data on fraud relating to different means of payment to their competent authorities” and that the competent authorities (CAs) must, in turn, “provide EBA and the ECB with such data in an aggregated form”.
After the publication, on August 2017, of a consultation paper and after the closing of the consultation period on November 2017, the EBA agreed with some of the proposals and has made a number of changes to the Guidelines as a result. This includes the requirements in relation to the reporting frequency, which the EBA has changed from a set of data on a quarterly frequency and a more detailed set of data on a yearly frequency to one set of data on a semi‐annual frequency.
The geographical area, too, has been reduced to the same area for all of the requirements in the Guidelines (with no country‐by‐country data requirement), and the number of categories of fraudulent transactions to be reported has been reduced from three to two, with fraudulent transactions where the payer is the fraudster now no longer within the scope of the Guidelines.
Finally, the fraud types have been aligned across the payment services and instruments.
The EBA has in addition made particular efforts, together with the ECB, to further align the Guidelines with other similar reporting instruments mentioned by the respondents, in particular with the ECB Regulation on payment statistics (ECB/2013/43) applicable to PSPs within the euro area and the complementary ECB Recommendation on payment statistics (ECB/2013/44) addressed to non‐euro area national central banks.
The Guidelines will be translated into the official EU languages and published on the EBA website. The deadline for CAs to report whether they comply with the Guidelines will be two months after the publication of the translations. The Guidelines will apply from 1 January 2019.
Download here aside the Final Report (Guidelines)