Fintech

E-money firms rejects liability for rampant impersonation fraud

Irish public lost almost €10 million in Authorised Push Payment fraud in 2022

APP is a scam where fraudsters trick victims into willingly making large bank transfers to them. Picture: Shutterstock

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 ...