While the PSD2 provides victims of fraud via unauthorised transactions with an entitlement to a refund from their payment service provider , save for limited circumstances there are no provisions in the directive that obligate PSPs to provide refunds to victims who authorised the transaction.
“It is a maximum harmonisation directive, we can’t go beyond the provisions there ... [but] if the directive doesn’t deal with a matter, and PSD2 does not deal with APP fraud, then there is the possibility that you could separately do domestic legislation,” he said.In the UK, legislation is currently being progressed which will revoke the UK transposition of PSD2 and allow for the development of a mandatory scheme to reimburse victims of APP fraud.
“We can end up with serious overregulation which may affect competition, which may affect new entrants and erect barriers to entry,” he said, noting that introducing legal burdens to refund all victims of APP fraud could discourage smaller PSPs from entering the Irish market.
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