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EU banks see new security measures against retail payment fraud recommended in EBA proposal

( April 30, 2024, 07:55 GMT | Official Statement) -- MLex Summary: Banks saw proposals for new security measures to combat retail payment fraud published by the European Banking Authority on Monday. The EBA's opinion, which assessed payment fraud data, said that while existing EU measures were successful in reducing fraud involving the stealing of customer's credentials, fraudsters have adapted their techniques to more complex types of fraud based on ‘social engineering.’ The opinion developed proposals to mitigate these new types and patterns of payment fraud in order to strengthen the forthcoming EU legal framework establishing anti-fraud requirements on retail payments.The opinion is attached. The press release follows:...

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