PSD2 Fraud Reporting Compliance

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As the world becomes more and more reliant on the power of the digital economy, the risk of fraud and cybercrime facing both individuals and businesses over the globe grows ever larger. In an effort to combat these threats, the market for fraud detection and prevention is booming: most projections show the market exceeding a value of well over $30bn by 2021.For companies to stay ahead of the latest trends and ensure they remain compliant with each new set of regulations dictated by various governing bodies, it’s essential they leverage the latest technology.

The Revised Payment Service Directive (known as PSD2) is a series of compliance measures introduced to open up the market and tackle these issues. PSD2 requires banks to open up both their payment infrastructure and customer data to third parties (payment service providers). Payment service providers must adhere to the PSD2 Fraud Reporting Compliance guidelines included in the regulations: these guidelines require payment service providers across the EU to collect, analyze and report data on fraudulent payment transactions, using a consistent methodology.

Euro Banking Association (EBA) published Fraud Reporting Guidelines under Article 96(6) of PSD2 on July 2018. The Fraud Reorting Guideline requires all PSPs to collect and report data on payment transactions and fraudulent payment transactions using a consistent methodology, definitions and data breakdowns. The fraud data will be submitted by Payment Service Provides on a semi- annual basis with a quarterly breakdown
. FCase helps Payment Service Providers (PSPs) to comply with “Fraud Reporting Compliance” defined under Article 96(6) of PSD2, by generating the PSD2 compliant fraud reports on the fly.”

FCase is a powerful fraud operations management system which is perfectly poised to help payment service providers stay compliant, protecting their customers and their own future growth and business interests. Here is how FCase can help:

1. End to end vision

The way many banks deal with fraud is to operate several different systems and processes, each with a specific area or focus. FCase is an end to end fraud management system, meaning that all of those complex processes come under one umbrella. For payment service providers, having an end to end enterprise fraud management suite is an enormous asset: the increased visibility allows potential problems to be spotted, isolated and dealt with before they have the chance to cause any lasting damage. In the competitive payment service market, this can be a vital competitive advantage.

2. System integration and consolidation

Avoiding and mitigating the risk of potential data leaks, as well as ensuring that safety procedures adhere to the latest regulations is much easier with a fully integrated, consolidated system. Payment service providers have to show the businesses they work with that they can trust them with private financial data – consumers consistently rank security as one of the most important aspects of any buying decision – and an integrated system is a fantastic way to do so. There’s less risk of human error, or communication failure between systems. FCase ensures all fraud prevention processes run seamlessly.

3. Unlocking the power of data

Data is only useful to the extent it can be analyzed, understood and acted upon. The extensive range of reporting functions, both standard and custom, that FCase provides mean that payment service providers can easily extract more actionable insight from the data they are generating. The whole system is constantly updated to stay abreast of any changes in regulations. So, by using FCase, companies completely eliminate the risk of reporting functions breaching compliance best practices, as every fraud report generated will be fully in line with the Fraud Reporting Guidelines laid out under Article 96(6) of the PSD2 regulations.

Fraud reporting compliance with fcase

fcase can help with PSD2 (Payment Services Directive 2) fraud reporting compliance by providing a comprehensive fraud management platform that allows banks and financial institutions to detect and prevent fraudulent activity in real time.

Under PSD2, financial institutions are required to report fraudulent transactions to the appropriate authorities. fcase can help simplify this process by providing a centralized platform for fraud investigation and reporting. It can automatically generate fraud reports and provide the necessary evidence to support fraud claims.

fcase can also help financial institutions comply with the PSD2 requirement for Strong Customer Authentication (SCA) by providing real-time transaction monitoring and analysis. This ensures that all transactions are properly authenticated and that any suspicious activity is quickly detected and addressed.

By analysing large amounts of data and detecting unusual activity, fcase can help banks and financial institutions stay ahead of fraudsters and prevent fraudulent transactions before they occur.

Overall, fcase can help banks and financial institutions comply with the PSD2 fraud reporting requirements by providing a powerful and flexible fraud management platform that can prevent fraudulent activity, generate accurate fraud reports, and provide the necessary evidence to support fraud claims.

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