The European Banking Authority (EBA) has released the eighth edition of its Consumer Trends Report for 2022/23. The report summarises trends and issues that the EBA has observed for EU consumers: fraud in retail payments, over-indebtedness and arrears. According to the study, credit products were impacted by inadequate creditworthiness assessment and the introduction of new and unregulated credit products that led to repayment issues and, finally, created over-indebtedness among customers. Furthermore, the report demonstrates how fraud in retail payments, mainly perpetrated by new and different techniques implemented by fraudsters, is a major issue due to lack of compliance with PSD2 and EBA strong customer authentication standards.
Source: ACCIS Industry News
