EBA Consults on Fraud Reporting Requirements under PSD2


On August 2, 2017, the EBA published a consultation paper (EBA/CP/2017/13) on its draft guidelines on reporting requirements on statistical data on fraud under Article 96(6) of the Directive on payment services in the internal market ((EU) 2015/2366) (PSD2).

One of the goals of PSD2 is to increase the security of retail payments in the EU. The aim of the EBA’s proposed guidelines, which have been developed together with the European Central Bank (ECB), is to ensure that the high-level fraud reporting requirements under PSD2 are implemented consistently among member states, and that the aggregated data provided by competent authorities to the EBA and the ECB is reliable and comparable.

The guidelines propose requirements applicable to all payment service providers (PSPs), but excluding account information service providers, and also set out requirements that are applicable to all competent authorities in the EU. The meaning of “fraudulent payment transactions” is also defined for the purpose of the data reporting under the guidelines. Periodic reporting requirements on payment transactions and fraudulent payment transactions are also included in the guidelines, together with the methodology for collating ad reporting data.

The consultation closes on October 31, 2017, after which the final guidelines will be published. A public hearing on the guidelines is being held by the EBA on October 5, 2017.