Payments Tomorrow Conference speech
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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, warned in Paris that payment fraud is growing: from 3.5 to 4.2 billion euros between 2023 and 2024, and up 175% in three years for instant transfers. More and more it relies on tricking the victim (social engineering) and on artificial intelligence. New EU payment laws aim to curb it.
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