EBA Explains Fraud Rate Rules After Bank Concerns

Regulators have confirmed that EU financial firms operating in different member states must handle two sets of fraud rate data — at country level and company level — despite concerns from banking giant Nordea about the apparent mismatch.

Under incoming security rules, which a part of the revised Payment Services Directive (PSD2), payment providers are permitted to bypass two-factor authentication on online transactions if their fraud rates are below certain thresholds.

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