PSD2 a banking standard for scammers?


Playlists: 'MCH2022' videos starting here / audio

Payment Service Directive (PSD2) is a fairly recent directive in Europe when it comes to electronic payments. For most of us this has happened invisibly. Although this new directive creates a lot of opportunities for fintech companies it also puts the privacy of tenths of millions of people in the hands of private companies. This talk will discuss the opportunities this will provide within Europe both for Fintech's... and scammers.

In 2020 the Payment Service Directive 2 (PSD2) has become the directive governing banking in Europe. This means that for financial transactions between businesses, persons and banks a new European-wide payment system is available.
While before PSD2 in order to be able to act as a Payment Service Provider (PSP) you needed to be certified by the local central bank, now with PSD2 this is no longer necessary. This means all transaction data for an IBAN number going back up to years can be queried by commercial parties investing a few hundred euro’s. An example will be shown how easy it is to overlook giving consent for this data exchange and how to revoke this consent.
This talk will discuss the opportunities this new directive will provide EU residents, but will also show what implications this has in terms of privacy and how it enables scammers to automate scams.