Enhancing trust in Europe's payment ecosystem
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Speech by EBA Chair François-Louis Michaud at the Payments Tomorrow conference (Paris). He warns of rising payment fraud, increasingly driven by social engineering and artificial intelligence, and previews the EBA's work under PSD3 and the Payment Services Regulation (PSR).
Key points
- Payment fraud rose from EUR 3.5 billion to EUR 4.2 billion between 2023 and 2024, with more expected in 2025; instant payment fraud grew 175% in three years.
- PSD3 and PSR extend Verification of Payee to all EU currencies and introduce anti-fraud obligations beyond the payment sector.
- Publication of the texts expected in December 2026 or January 2027; EBA mandates cut from 29 to around 18.
Who is affected
Payment service providers, banks, online platforms, telecom operators and payment users.
Deadlines
PSD3/PSR publication expected in December 2026 or January 2027; EBA payment fraud report by year-end.
Plain-language version
The chair of the EBA, the EU authority that sets the rules for banks, explained how new EU payment laws (PSD3 and PSR) will tackle fraud. They extend the check on who you are paying to all EU currencies, and make firms outside the payments world, such as online platforms and phone operators, help fight fraud. The laws are expected between December 2026 and January 2027.
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