EBA GUIDELINES ON FRAUD REPORTING UNDER PSD2

The European Banking Authority (EBA) has published its final report on the fraud reporting guidelines under PSD2 (Guidelines). The Guidelines have been published following the consultation which took place in August 2017.

Article 96(6) of PSD2 states that payment services providers must provide ‘statistical data on fraud relating to different means of payment to their competent authorities’ and that the competent authorities must, in turn, ‘provide EBA and the ECB with such data in an aggregated form’.

The Guidelines include a requirement on payment service providers to collect and report on data on payment transactions and fraudulent payment transactions using a consistent methodology, definitions and data breakdowns. In addition, following the responses received during the consultation, the Guidelines include a number of changes to its proposals on the requirements concerning reporting frequency, geographical area, fraud types and the number of categories of fraudulent transactions to be reported.

The Guidelines will be translated into the official EU languages and published on the EBA website. Competent authorities have two months after the publication of the translations to report whether they comply with the Guidelines. The Guidelines will apply from 1 January 2019.