Whitepaper: Financial Evolution: Key Strategies and Technologies for Regulation Compliance in Europe

Financial Evolution: Key Strategies and Technologies for Regulation Compliance in Europe

Financial fraud, particularly in the realm of electronic payments, represents an increasing threat to the security and stability of the global banking system.

The regulatory landscape in the realm of payments and fraud prevention is constantly evolving, particularly in critical jurisdictions like the United Kingdom and the EU.

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PS23/4 - App Scam Reimbursement Policy

The UK’s Payment Systems Regulator (PSR) has established policy PS23/4, which mandates PSPs to reimburse victims of Authorized Payment Frauds (APP) in most cases. This policy addresses the growing concern over the significant financial losses consumers incur due to sophisticated fraud.

Payment Service Directive (PSD3)

PSD3, currently in the consultation phase, promises to extend and deepen the regulations imposed by PSD2, focusing especially on enhancing fraud detection and expanding consumer rights.

JROC Initiatives

The Joint Regulatory Oversight Committee (JROC) has been instrumental in promoting best practices for fraud detection in the Open Banking environment. The most recent initiative, known as Workstream 2, aims to enhance interbank collaboration in sharing information about fraud. The initiaitve seeks to create a more transparent and cooperative environment among banks, thus facilitating a quicker and more effective response to fraudulent activities.

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