Fresh EU Directive strengthens powers against financial cyber fraud

Stolen payment credentials profits criminals over a billion every year, meaning new powers are long overdue

Specifically focussing on fraud and counterfeiting of non-cash means of payment, the language of a new European Directive has been agreed upon to strengthen rules surrounding cyber crime.

The new Directive, supplementing the EU’s scaled up response to cyber crime, will enhance member states’ capacity to prosecute cyber criminals.

The rules which govern payments made with bank cards, mobile payments and payments via cryptocurrencies, aim to offer the penalties for fraud of this type more uniformity to deter cyber criminals from targeting those in states with more lenient punishments for cyber crime.See related What is GDPR? Everything you need to know, from requirements to finesWhat is the ‘right to be forgotten’?EU will fine social media firms for failing to remove extremist material

The Directive is also committed to offering victims of non-cash fraud better access to advice and support to limit the consequential damage against them following a cyber attack. Provisions for the exchanging of information between states will also be improved in an effort to close cross-border cases more quickly.

“We are building a safer Europe for our citizens – offline as well as online, and today we deliver on this commitment,” said Dimitris Avramopoulos, Commissioner for Home Affairs, Migration and Citizenship. “These new rules will help us crack down on those who steal from our citizens through online fraud, and ensure that our citizens are better protected.”

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