An informal agreement has been reached on new rules to protect European citizens from non-cash payment fraud.
European Parliament and Council negotiators say that the rules will fill gap in member state laws focusing on prevention and detection of non-cash payment fraud and counterfeiting. They state that this will cover, ‘cards, electronic wallets, mobile payments and virtual currencies’.
The laws will also work on establishing minimum penalities for these kinds of cases ‘where a judge imposes the national “maximum” custodial sentence for non-cash payment fraud’, the agreement states.
The agreement will also seek to run awareness raising campaigns and a series of education and information tools aimed at informing people about previous cases of fraud and their consequences.
Speaking following the informal agreement was made, Rapporteur Sylvia-Yvonne Kaufmann said, “Non-cash payments with credit cards or virtual currencies are used more and more frequently. Criminals exploit loopholes in the current legal framework which dates back to 2001. It was therefore high time to adapt the rules to fight non-cash fraud to the newest technological developments.”
“We harmonised the definitions of online crime offences throughout the EU and introduced a minimum level for penalties. Moreover, the European Parliament achieved during the negotiations that the current rules for the protection of victims of non-cash fraud will be strengthened”, Ms Kaufmann added.