Ensuring consumer protection has always been one of the focus of EU payments policies. Recent initiatives, such as PSD2, PSD3, PSR and the Instant Payments Regulation have tried to guarantee security in payments by setting rules on issues such as liability, refunds, surcharges and information disclosures. Strong Customer Authentication (SCA) has in that regard proved to be a particularly effective measure.
The new European Commission will also have protecting consumers at the top of its payment agenda. In particular, due to the emergence of new types of fraud driven by digital developments, such as manipulation of the payer and mixed social engineering. The ability of fraudsters to adapt makes innovative solutions all the more necessary, both from the regulatory and the market side
During this ECRI-organised event on 24 September, we will explore the new means regulators and market players have to make payments safer for consumers. To what kind of fraud are consumers exposed when they are executing a payment? Are current regulatory frameworks adapted to protect consumers in the contemporary digital environment? Can AI be used to strengthen consumer protection? Who will carry the cost of implementing ameliorated consumer protection?
