EBA identifies new types of payment fraud and proposes measures to mitigate underlying risks and protect consumers from resultant losses

The EBA confirms that regulatory measures such as the Strong Customer Authentication (SCA) that the revised Payment Service Directive (PSD2) and the EBA’s Technical Standards have imposed on the payments industry have been successful in achieving the aim of significantly reducing fraud that involves the stealing of customers’ credentials. However, fraudsters have adapted their techniques and are using more complex types of fraud, such as those based on what is commonly referred to as ‘social engineering’…