Brussels, BELGIUM – Earlier today, EU Member States and the European Parliament reached a provisional deal on the Payment Services Regulation (PSR), originally meant to modernise payment rules across Europe.
The Computer & Communications Industry Association (CCIA Europe) is deeply concerned by this agreement, as it embraces a flawed fraud-liability mechanism that risks letting criminals continue operating unchecked. Moreover, the new system could potentially also clash with the Digital Services Act’s ban on general monitoring.
Independent studies by Copenhagen Economics, ECIPE, and Zach Meyers show that the approach adopted today by co-legislators is ineffective and counterproductive.
Ultimately, the PSR should be judged on whether it reduces fraud. As it stands, however, this deal threatens Europe’s competitiveness without addressing the real causes of online fraud.
The following can be attributed to CCIA Europe’s Policy Manager, Leonardo Veneziani:
“After the Council caved to the European Parliament’s dangerous and misguided approach to fraud liability, CCIA Europe is alarmed that the provisional deal on the Payment Services Regulation struck by Council and Parliament today sides with Big Banks and Telcos. This only makes it easier for fraudsters to continue exploiting consumers.”
“This convoluted framework undermines simplification efforts and risks conflicting with the Digital Services Act’s ban on general monitoring – ignoring multiple studies warning it will be counterproductive. Instead of protecting consumers, today’s outcome sets a dangerous precedent and shifts responsibility away from those best placed to prevent fraud.”
