Fintech
E-money firms rejects liability for rampant impersonation fraud
Irish public lost almost €10 million in Authorised Push Payment fraud in 2022
Electronic payment firms have written to the Department of Finance outlining why they should not be liable for authorised push payment fraud, which cost Irish people almost €10 million in 2022.
The Electronic Money Association (EMA), the EU trade body which represents 90 e-money issuers, including Revolut, PayPal, Stripe and Square, said placing liability on their firms for authorised push payment fraud (APP) was “inappropriate”.
APP is a scam where fraudsters trick victims into willingly ...