The European Union has decided to reinforce the protection of bank customers against online fraud, opaque commissions and data leaks, with a new set of rules that obliges banks to take responsibility in the event of non-compliance.
According to Executive Digest, a website specializing in authority and business, the Member States and the European Parliament have reached a consensus on the legislative package, which will be formally approved in the coming weeks before coming into force.
Banks held responsible for losses and suspicious transactions
The regulation establishes that payment service providers, including banks, become responsible for covering user losses whenever they do not implement adequate fraud prevention mechanisms. According to the same source, banks are also obliged to block suspicious transactions, with the aim of protecting customers from illicit schemes and reducing the risk of financial losses.
Digital platforms under surveillance
In addition to financial institutions, digital platforms also have reinforced duties. They must remove fraudulent advertisements under penalty of being asked to bear the costs that banks bear when compensating customers who are victims of these schemes.
This measure seeks to reduce consumers’ exposure to deceptive practices in the online environment, a problem that has grown in recent years with the increase in digital transactions.
Transparency and access to cash
The legislative package also provides for greater transparency in commissions associated with payments and establishes measures to guarantee better access to cash, especially in rural areas. Banks and other payment service providers should facilitate the exchange of information, promoting greater efficiency and security in the European financial system.
According to the same source, these measures aim to make services more accessible and understandable for all citizens, regardless of location or level of financial literacy.
Mandatory human service
One point that draws attention in the new regulation is the obligation to ensure human service. Institutions can no longer restrict customer support to automatic systems or chatbots, thus guaranteeing direct assistance in cases of fraud or complex payment problems.
This measure aims to improve user experience and reduce frustration, especially among those who are not familiar with digital platforms.
According to , the EU legislative package marks a significant step in consumer protection, by combining the financial responsibility of banks with the regulation of the digital environment.
Experts believe that these measures could reduce online fraud and increase citizens’ trust in the banking system. Final approval by the European Parliament and governments is expected later this year, which will allow the new rules to be implemented in practice in the near future.
Also read:
