Dáil Éireann Debate, Thursday - 16 February 2023
204. Deputy Pearse Doherty asked the Minister for Finance the total compensation paid by payment service providers and payment institutions to victims of authorised push payment fraud in each of the years 2016 to 2022; and if he will make a statement on the matter. [8018/23]
Amharc ar fhreagraDirective 2015/2366/EU on payment services (or “PSD2”) was transposed into Irish law, with effect from 13 January 2018, by the European Union (Payment Services) Regulations, 2018 (S.I. No.6 of 2018).
The Payment Services Regulations set out the industry requirements concerning liabilities for unauthorised payment transactions and the applicable security requirements to help protect consumers against fraud. However, there is no requirement for payment services providers to compensate costumers where authorised push payment fraud occurs.
I am informed by the Central Bank of Ireland that it does not collect data in relation to the total compensation paid by payment service providers and payment institutions to victims of authorised push payment fraud.
