NEW EU PAYMENT RULES AIM TO FIGHT FRAUD, IMPROVE TRANSPARENCY

Consumers in the European Union are to be better protected in the future against fraud and hidden fees when making payments under new rules agreed on Thursday.

Negotiators from the European Parliament and EU countries agreed to update and complement existing legislation. The two sides still need to formally approve the agreement before the rules can come into force.

Under the new measures, all fees will have to be displayed transparently before a card payment is made or cash is withdrawn. This includes exchange rate costs or ATM fees.

To tackle fraud, payment service providers such as banks will have to check whether the name and account number of the recipient match before any transfer is executed, as is already the case for instant payment transfers in euros.

If providers fail to prevent fraud, they can be held liable for customer losses.

The new rules also aim to combat cases where fraudsters pose as employees of a bank or other payment service provider and trick customers into making payments.

In such cases, payment service providers will have to refund the full amount if the customer reports the fraud to the police.

Additionally, online platforms will be liable to banks that have compensated defrauded customers if they were informed of fraudulent content and did not remove it.

To improve the accessibility of cash, retailers will be able to allow cash withdrawals of up to €150 ($174) without customers having to make a purchase.

2025-11-27T10:54:17Z