Transaction Data Could Be ‘Goldmine’ For Fraud

Industry experts have told payment account providers not to underestimate the importance of ensuring third-party data access does not increase the risk of fraud.

With the revised Payment Services Directive (PSD2) due to take effect across the EU in just over a month, many traditional financial firms have expressed concerns that newly authorised third-party providers could present a fraud risk to consumers.

Although much of that discussion has focused on payment initiation services, as they have the ability to transfer funds out of a customer’s account, banking groups are warning that account information service providers must also be treated with caution.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.