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Consultation Paper
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CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2,1 Responding to this consultation 3. 2 Executive Summary 4,3 Abbreviations 5,4 Background and rationale 6. 5 Draft Guidelines 16,6 Accompanying documents 53,6 1 Draft Cost benefit analysis 53. 6 2 Overview of questions for consultation 60,CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2. 1 Responding to this consultation, The EBA invites comments on all proposals put forward in this paper and in particular on the specific.
questions summarised in 6 2,Comments are most helpful if they. respond to the question stated, indicate the specific point to which a comment relates. contain a clear rationale, provide evidence to support the views expressed rationale proposed and. describe any alternative regulatory choices the EBA should consider. Submission of responses, To submit your comments click on the send your comments button on the consultation page. by 03 11 2017 Please note that comments submitted after this deadline or submitted via other. means may not be processed,Publication of responses.
Please clearly indicate in the consultation form if you wish your comments to be disclosed or to be. treated as confidential A confidential response may be requested from us in accordance with the. EBA s rules on public access to documents We may consult you if we receive such a request Any. decision we make not to disclose the response is reviewable by the EBA s Board of Appeal and the. European Ombudsman,Data protection, The protection of individuals with regard to the processing of personal data by the EBA is based on. Regulation EC N 45 2001 of the European Parliament and of the Council of 18 December 2000 as. implemented by the EBA in its implementing rules adopted by its Management Board Further. information on data protection can be found under the Legal notice section of the EBA website. CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2,2 Executive Summary. Directive EU 2015 2366 on payment services in the internal market PSD2 entered into force in the. European Union on 12 January 2016 and will apply as of 13 January 2018 One of the PSD2. requirements to all payment service providers relates to the reporting of fraud data on means of. payment More specifically Article 96 6 PSD2 states that payment service providers PSPs shall. provide statistical data on fraud relating to different means of payment to their competent. authorities The same article states that the competent authorities shall in turn provide EBA and. the ECB with such data in an aggregated form, In order to ensure that these high level provisions are implemented consistently among Member. States and that the aggregated data provided to the EBA and the ECB is comparable and reliable the. EBA in close cooperation with the ECB is proposing two sets of Guidelines on the reporting. requirements of fraudulent payment transactions The first set of Guidelines sets out requirements. applicable to all payment service providers with the exception of account information service. providers while the second set of Guidelines sets out requirements that are applicable to all. competent authorities, More specifically the first set of Guidelines defines fraudulent payment transactions for the. purpose of the data reporting under these Guidelines and set out the methodology for collating and. reporting data including data breakdown reporting periods frequency and reporting deadlines. Payment service providers are expected to provide high level data on a quarterly basis and more. detailed data on a yearly basis, The level of data breakdown will depend on the payment instrument used or the payment service.
provided The Guidelines leave it to the discretion of the competent authority to decide on the. technological aspects of the reporting format and the means of communication. The second set of Guidelines includes requirements for competent authorities on data aggregation. and data reporting frequency and deadlines applicable to the EBA and the ECB. These Guidelines apply from 13 January 2018,Next steps. The consultation period will run from 02 August 2017 to 03 November 2017 The final Guidelines will. be published after this consultation,CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2. 3 Abbreviations,AISP Account Information Service Provider. CP Consultation Paper,CSC Common and Secure Communication. EBA European Banking Authority,ECB European Central Bank.
EEA European Economic Area,EMD Electronic Money Directive. ESCB European System of Central Banks,EU European Union. GL Guidelines,PISP Payment Initiation Service Provider. PSD Payment Services Directive,PSP Payment Service Provider. PSU Payment Service User,RTS Regulatory Technical Standards.
SCA Strong Customer Authentication,TPP Third Party Provider. CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2,4 Background and rationale. 4 1 Background, 1 Directive EU 2015 2366 on payment services in the internal market PSD2 entered into force. on 12 January 2016 and applies as of 13 January 2018 One of the objectives of PSD2 is to ensure. the security of electronic payments and to reduce to the maximum extent possible the risk of. fraud recital 95, 2 More specifically Article 96 6 of PSD2 provides that Member States shall ensure that payment. service providers provide at least on an annual basis statistical data on fraud relating to. different means of payment to their competent authorities Those competent authorities shall. provide EBA and the ECB with such data in an aggregated form. 3 In order to ensure that these high level provisions are implemented consistently across the. Member States of the European Union EU and the European Economic Area EEA and to. ensure that the aggregated data provided to the EBA and the ECB is comparable and reliable the. EBA in close cooperation with the ECB has developed two sets of draft Guidelines GL on fraud. data reporting requirements The first one is addressed to payment service providers PSPs. while the second is addressed to competent authorities. 4 In what follows in the rationale section below this Consultation Paper explains the reasoning for. some of the options the EBA has considered and the decisions the EBA has taken during the. development of the GL that are proposed in this Consultation Paper This includes the objectives. that the GL are aimed at achieving the definition of fraudulent payment transaction the. addressees the scope of the reporting requirements the reporting of net vs gross fraudulent. payment transactions data the frequency of reporting the breakdown of data double counting. aspects and the consideration of the inclusion of an additional data breakdown between. consumers and non consumers,4 2 Rationale, 5 As highlighted in the EBA s Final Report on the draft Regulatory Technical Standards RTS on.
Strong Customer Authentication and Common and Secure Communication SCA and CSC 1 data. on payment fraud in the EU is at present difficult to obtain not reliable and not comparable. across Member States therefore impeding the establishment of an accurate picture of payment. fraud in the EU including the understanding of its size components and development over time. 6 Not all Member States collect fraud data for all payment instruments and those that do tend to. use different definitions of what a fraudulent payment transaction is different methodologies. and or different data breakdowns In particular Member States that currently do collect fraud. See https www eba europa eu documents 10180 1761863 Final draft RTS on SCA and CSC under PSD2 28EBA. RTS 2017 02 29 pdf,CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2. either do not cover transactions with all payment instruments or transactions of all types of. payment service providers within their jurisdiction or the data categories and level of detail. differs between them, 7 The European System of Central Banks ESCB in its function of overseer of payment schemes. and instruments collects fraud data but that data is limited to card payments and based on non. legally binding reporting requirements Additional payment statistics are collected by Central. Banks in the subset of EU Member States that constitute the Euro area and covers data on all. means of payment but does not at the moment cover reporting of data related to fraudulent. payment transactions 2, 8 The Guidelines proposed in this Consultation Paper are aimed at ensuring that comparable and. reliable payment fraud data are reported to competent authorities across the EU and the EEA. which in turn will then send the aggregated data to the EBA and ECB This will contribute to. assessing the effectiveness of applicable legal and regulatory requirements aimed at reducing. payment fraud identifying fraud trends and potential risks across the EU and the EEA assessing. and comparing fraud data between different payment instruments and inform any future. regulatory and or supervisory change or action The collection of fraud data should also enable. payment service providers to better assess security incidents or emerging fraud trends and. 9 In addition several provisions of the PSD2 as well as some of the Technical Standards and GL. developed by the EBA in support of the PSD2 such as the RTS on strong customer authentication. SCA and common and secure communication CSC and the GL on operational and security. risks require payment service providers to monitor fraud data More specifically Article 17 of. the RTS on SCA and CSC revised version3 includes an exemption subject to defined reference. fraud rates being met which in turn requires standardisation of the collection of payment fraud. data to be included in the calculation of the fraud rate to ensure a level playing field across. Member States and across the different PSPs, 10 Both the Guidelines on operational and security risks and the RTS on SCA and CSC are still in. consultation not yet finalised and may be subject to change before publication later in 2017 The. EBA is of the view that the data requirement under the Guidelines proposed in this CP would. enable PSPs to collect all data required to comply with Article 20 of the draft RTS revised version. as well as for PSPs to monitor the use of the exemptions to SCA Competent authorities in turn. would be able to use the data gathered under these Guidelines to supervise and monitor the use. of the exemptions to SCA and the fraud rates calculated by PSPs for the purpose of potential. transaction risk analysis exemptions under the RTS on SCA and CSC. 11 These GL are divided into two sets the first set of GL applies to PSPs and contains seven GL GL 1. to 7 setting out requirements for data reporting from the PSP to the relevant competent. See ECB Regulation of the European Central Bank of 28 November 2013 on payments statistics ECB 2013 43. Revised version as submitted by the EBA in conjunction with its Opinion on 29 June 2017 see. http www eba europa eu eba publishes its opinion in response to the european commission intention to amend the. eba technical standards for open and secure electronic payment. CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2, authority which include detail on the fraudulent transactions data to be reported the.
geographical breakdown the frequency methodology to follow deadlines etc and a second set. that applies to competent authorities and contains three GL GL 8 to 10 setting out the. requirements for the reporting of the aggregate data from competent authorities to the EBA and. the ECB The first Guideline in each set of GL defines terminologies and applies to both. competent authorities and PSPs, 12 The remaining part of the rationale provides detail on the following areas. the objectives of the GL, the definition of a fraudulent payment transaction for the purpose of providing. statistical data under Article 96 6 PSD2, the addressees of the GL and the exclusion of Account Information Service Providers. the scope of the GL and the absence of reporting requirements of attempted fraud data. the inclusion of net vs gross fraudulent payment transactions concepts. the frequency of reporting,the data breakdown, the risk of double counting and double reporting and. a possible further data breakdown distinguishing between consumers and other. payment service users,Objectives of the Guidelines.
13 In the absence of any further details provided in the PSD2 itself as regards the specific aims of. the provision in Article 96 6 the EBA and ECB started the development of these GL with the. identification of the objectives that the GL are to achieve The result of this assessment is. depicted in the table below,Party Objectives, Competent authorities to provide a supervisory tool to understand whether there are market. under PSD2 in their wide or PSP specific issues relating to fraud its sources and whether. function as action needs to be taken as a result, supervisors of to check compliance with regulatory requirements including with the. payment service EBA RTS on SCA and CSC and assess whether the measures. providers implemented by PSD2 itself and the security requirements that the EBA. and ECB have developed in support of the Directive are effective. to inform any future revisions of security measures. potentially to publish payments fraud reports and consumer education. ESCB in its function as to assist in its role to ensure the smooth ope. CP ON GUIDELINES ON FRAUD REPORTING UNDER PSD2 1 EBA CP 2017 13 02 August 2017 Consultation Paper on Draft Guidelines on fraud reporting requirements under

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