New Rules too Strengthen banking Security: Mandatory Refunds in Case of Fraud

New rules to strengthen banking security: mandatory refunds in case of fraud, more protection for account holders

The European Parliament, in collaboration with the Council of the European Union and the Member States, has signed a basic agreement for the revision of the regulation on payment services, represented by the Payment Services Regulation and from Third payment Services directive. This legislative package introduces crucial innovations intended to revolutionize the management of current accounts and consumer protection within the European single market.

The current President of the European Parliament, Roberta Metsola, elected in January 2022 and leading an assembly made up of 720 deputies, underlined the importance of this reform to strengthen citizens’ trust in financial institutions and to guarantee greater security in banking transactions.

New rules for consumer protection and mandatory refunds in case of scams

At the heart of the european reform is the new obligation for all banks and payment service providers operating in the EU to fully reimburse customers who are victims of financial scams,provided that certain requirements are met. This measure marks a significant paradigm shift: the consumer will no longer have to bear the consequences of fraud.