The European Union wants to better protect consumers against fraud in payment transactions. In addition, the representatives of the Member States correspond to new rules for more transparency for reimbursements on ATMs and payment card systems. The requirements must still be negotiated with the European Parliament before they can enter into force.
Among other things, payment service providers must be obliged to exchange information that is relevant to fraud. You must set a system with which international account numbers (IBAN) can be compared with the corresponding bank account name before money is transferred to this account.
The goal is to create an extensive fraud control fraud, according to the Brussels statement. This can help to combat new forms of payment fraud more and more often, such as such -called Spoofing. Fraudsters are a payment service provider to gain confidence and to have users carried out financial transactions.
“Fraud can only be combated together”
Heiner Hernkenhoff, general director of the Federal Association of German Banks (BDB), said on behalf of the umbrella organization Deutsche Kredanwirtschaft (DK): “Fraud can only be effectively combated if all involved – credit institutions, telecommunication suppliers and internet platforms.
The five large banking associations in Germany organized in the DK therefore see the proposal to only hold credit institutions liable if customers are damaged by fraudsters. “A unilateral acceptance of the banks does not solve the standard problem, but only moves the economic consequences,” says Herkenhoff. “As a result, the stimuli for fraudsters are increased.”
Also more transparency for reimbursements
With the new regulations, the EU countries also want to ensure more transparency in ATMs. In this way all costs and exchange rates must be given there before a transaction is completed.
Consumers and consumers such as companies must also get a better overview of the reimbursements of payment card systems and be able to make a better choice on this basis.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
