Mandating refunds for victims of payment fraud ‘very complex legal issue’, Department of Finance official warns

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

RTÉ’s finance officer: €120,000 mis-stated payment to Ryan Tubridy was ‘loyalty bonus’Several officials from RTÉ are before the Oireachtas media committee to face questions about the scandal
Source: businessposthq - 🏆 8. / 71 Read more »

RTÉ’s finance officer: €120,000 mis-stated payment to Ryan Tubridy was ‘loyalty bonus’RTÉ chief financial officer Richard Collins has said the mis-stated fees for Ryan Tubridy between 2017 to 2019 relate to a loyalty bonus he was owed which was credited against his earnings
Source: businessposthq - 🏆 8. / 71 Read more »