Europe Needs Its Own CFPB: Time to Rethink Consumer Protection in Payment Services As the European Union finalises its landmark Payment Services Regulation (PSR) and PSD3, we find ourselves at a critical turning point. The proposed rules under Article 59 PSR rightly aim to strengthen consumer protection in cases of
EBA finally sounded the alarm in April 2024: In its latest Opinion on new types of payment fraud and possible mitigations (EBA-Op-2024-01), the European Banking Authority (EBA) came to the conclusion that despite regulatory advancements and improved security frameworks, payment fraud remains a fast-evolving and deeply concerning threat within the
Deregulation in some areas is just a bad idea! The UK government’s drive to reduce regulatory burdens includes plans to abolish the Payment Systems Regulator (PSR), raising concerns about the future of consumer protection in the payment sector. While the PSR’s functions will transfer to the Financial Conduct Authority (FCA),
In den vergangenen Monaten wurden in Deutschland zahlreiche ADAC-Karteninhaber Opfer von Betrugsfällen, bei denen es zu unautorisierten Abbuchungen über die Solarisbank kam. Während der ADAC von massiven Phishing-Angriffen spricht, wird in Medienberichten auch ein mögliches Datenleck bei der Solarisbank diskutiert. Für die Betroffenen stellt sich nun die entscheidende Frage: Wer
As stablecoins edge closer to mainstream adoption, their implications stretch far beyond digital asset markets. They are emerging as potential pillars of a new global payment infrastructure, prompting concerns not only about monetary sovereignty but also about legal liability and consumer protection. According to the Financial Times, stablecoins are expected
On 1 April 2025, the European Commission introduced ProtectEU, a significant new strategy aimed at enhancing security across the European Union. The initiative is designed to address rising threats, including terrorism, organised crime, cybercrime, and attacks on critical infrastructure. The strategy builds on previous efforts and integrates various tools and
EFRI is now approved as a so-called “Qualified Entity” to bring collective redress actions in courts throughout the European Union. Such action under Directive (EU) 2020/1828 can either be an “injunction” or a “redress” measure. “Injunctions” generally prohibit a company from engaging in illegal practices. “Redress” measures enable a European
The Trump administration’s decision to halt the activities of the US Consumer Financial Protection Bureau (CFPB) is a critical misstep with potentially far-reaching consequences for American consumers. Established in response to the 2008 financial crisis, the CFPB has played a crucial role in promoting financial fairness, transparency, and accountability. Rolling
People keep asking us why we are so convinced that Payvision B.V., a subsidiary of ING Bank N.V., and a supervised Dutch payment institution, is liable for millions of losses suffered by thousands of innocent fraud victims between 2013 and 2019. In addition, we are also asked why we believe
It is about time for the Dutch authorities to support the victims of the Wolf of Sofia! Thousands of victims of the fraudulent websites operated by the Wolf of Sofia (Xtraderfx, Safemarkets, OptionStarsGlobal, Golden Markets) and Uwe Lenhoff (Option888, Xmarkets, Zoomtrader, Tradovest, Tradeinvest90) continue to suffer severe consequences from the
