If you are exposed to fraud, you yourself are responsible for the amount of money you lose. It is part of today’s legislation but may change.
At the end of April, the EU Parliament voted on a new proposal. It was about whether the banks should continue to place the responsibility on the customers for fraud they are exposed to or take responsibility themselves when fraudsters manage to get through the bank’s system.
It’s in a new one payment service regulation from the EU Parliament.
“Payment service users should have adequate protection against so-called fraud through social manipulation,” reads part of the proposal.
“If payment service providers have not put in place appropriate fraud prevention mechanisms, they should be held responsible for covering all financial losses of payment service users as a result of fraud.”
Unknown traffic laws can result in a fine of SEK 1,000
The bank’s sharp warning: Then you should never use BankID
Preliminary decision: The banks must be responsible for fraud
The vote ended with 511 people voting for the banks themselves to take responsibility. 22 people voted against the proposal and 75 people abstained from voting.
On the Swedish side, 18 out of 21 members were in favor of the proposal. However, the issue is still undecided as the vote was preliminary.
You lose SEK 6,500 a year – on this mistake
The ICA store’s customers are exposed to fraudsters: “Some idiot”
The banks may be forced to pay for insufficient security
The idea is to better protect EU citizens against fraud.
If the proposal were to become law, the banks may have to pay for any fraud that their customers are exposed to. The reason would be the deficiencies in the bank’s security that enable fraud.
Responsibility would shift from the bank’s customers to the banks themselves.
The issue still needs to be processed by the EU’s Council of Ministers before the proposal can become a reality in Sweden. But provisionally, a position has been taken that the banks should be forced to pay.