Banking regulators in the EU recently outlined reporting requirements for PSPs in Europe regarding payment fraud data. Adoption of the official decision is the result of a long-running process to better understand payment fraud trends happening in Europe and globally.
The European Banking Authority’s decision requires PSPs to report certain data to “competent authorities” in their respective countries twice yearly (by June 30 and December 31). Details on what the competent authorities must report to the EBA to comply with PSD2 are specified in the EBA Guidelines on fraud reporting.
The decision clarifies a process by which accurate and timely fraud data gets from payment providers to the EBA, while complying with the fraud reporting guidelines and the European Centralized Infrastructure of Data (EUCLID) decision. It also ensures that all data submitted to the EBA complies with the legal framework established by the EU in regard to privacy, professional secrecy and confidentiality.