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
The payments landscape has undergone significant changes over the past decade. Fast-paced technological advancements have mainly driven the changes. Electronic payments in the EU have steadily increased, reaching a value of €240 trillion in 2021 (compared to €184.2 trillion in 2017). The COVID-19 pandemic has accelerated this trend. This shift
