EPIF is delighted to share with you its views on fraud under the PSR and its proposal for a more comprehensive fraud prevention approach.

Fraud is a societal risk that jeopardizes the safe functioning of the digital economy. To properly tackle fraud, it is necessary to implement a wide range of tools that allow all the actors in the fraud chain to have the appropriate means to act, both together and individually, based on where they sit in this chain. This includes payment service providers, telecom operators and operators of online platforms. These solutions should emphasize cross-sectoral collaboration, cooperation and education to empower consumers.

Given the ramifications fraud and scams can have for society, going well beyond the remit of payments or financial services, EPIF calls on the European Commission to set up a cross-sectoral task force to draft a holistic ‘consumer anti-fraud and scam strategy’. This would bring together DG FISMA, DG CONNECT, DG HOME and DG JUST as well as experts from all relevant sectors including the financial sector, the telecommunication sector, online platforms, civil society consumer groups and law enforcement agencies.

You can find our full position below.