Payment services in the internal market and amendment of Regulation (EU) No 1093/2010

Payment fraud is a huge problem for consumers. Although it has become more difficult to use stolen cards, payment fraud is increasing rapidly. Some of the main methods include impersonating a bank employee or tricking consumers into transferring money. Consumers lose an average of €4,191 to this type of fraud. In the negotiations for the new Payment Services Regulation, we ensured that consumers could be fully reimbursed if they fell victim to an impersonation scam. We also included strong provisions on data protection and privacy, linking the Regulation to the GDPR and reiterating the principle of data minimization. We also leveled the playing field for non-bank payment providers, tackling banks' unfair advantage in the payments market over non-bank players.

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