Payment service providers (PSPs) operating in the EU will have to cover customers’ losses from fraud if their fraud protection regimes are inadequate or poorly implemented under new EU rules. 

They must also increase transparency over payments, for example, over currency exchange rates and fees. However, they may be able claim back reimbursements paid to customers for fraudulent sales made on online platforms and via search engines.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...