December 1, 2023
MacManus seeks better EU rules to tackle financial scams

MacManus seeks better EU rules to tackle financial scams

Sinn Féin Midlands Northwest MEP Chris MacManus has tabled 30 amendments in the European Parliament to beef up new proposed laws aimed at tackling scams and financial fraud.  His amendments to the Payments Services Regulation would provide better refund rights for victims of fraud and make sure that information on fraudulent accounts is shared across payment service providers like banks. 

MacManus said:
“Financial fraud is a major issue requiring EU level action to tackle. In June the EU produced good proposals to take on fraudsters and help victims but working with consumers’ advocates I have identified areas that need improvement.”

“My proposals would allow refunds for victims of all scams and not just scams where the victims were conned by somebody pretending to be from a certain bank. Currently, according to European Banking Authority data, consumers bear 68% of the losses and consumers are not reimbursed when they supposedly authorised the payment or when they acted with “gross negligence”. 

“My amendment would change that so that as a rule victims will be reimbursed with the burden of proof being on the banks to prove the gross negligence. The banks will in turn be able to chase the fraudsters for compensation using their vast resources.”

“My other main proposal is to create a mandatory system where suspicious and known dodgy bank accounts’ data will be shared among banks and payment service providers. At the moment this is voluntary and inefficient.”

MacManus concluded, “In total, my 30 amendments would bring about a huge improvement in the legislation and would mark a major victory for consumers and victims of fraud if accepted. I am calling on all MEPs and governments to make sure they end up in the final law.” ENDS

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