BPFI were delighted to be joined by a delegation of members from Bank of Ireland, AIB and PTSB for a series of important meetings with the European Commission, EU Member State Officials and MEPs on the EU’s new Payment Services Regulation.
Tackling the growing trend of payment fraud is critical to protecting consumers and ensuring continued confidence in the payments system. To effectively combat fraud, it is crucial to address the source and prevent frauds from reaching consumers in the first place.
We believe that European policymakers should look at further ways to boost fraud prevention, while strengthening the protections around automatic refunds to avoid risks of moral hazard. Some of the measures that we believe could help overcome the challenges include:
- Include a requirement on all electronic communication providers to verify with national competent authorities that ads promoting financial services companies or products are authorized.
- Require telecom operators to prevent scam text messages or calls by implementing advanced security technologies and protocols, similar to certain Member State requirements.
- Ensure that the definition of authorisation leads to legal certainty, irrevocability, and predictability for payment transactions.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 110 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
For further information contact: Fiona Murphy, Head of Communications, 087 9740046, Fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, 087 9016880, jillian.heffernan@bpfi.ie.
