BdB Sounds the Alarm on Rising Online Banking Attacks Amid EU Policy Concerns

The Association of German Banks (BdB) has raised concerns over the increasing sophistication and frequency of attacks on online banking systems. BdB CEO Heiner Herkenhoff highlighted the escalating threat, stating, "The number of attacks is rising and they are becoming more complex."

Herkenhoff also expressed strong reservations about the proposed EU PSR directive aimed at revamping liability rules for online fraud. He argued that this directive could backfire, leading to greater carelessness with sensitive data since consumers might rely too heavily on banks assuming liability. "If people know someone else is liable, they may become less cautious, attracting global criminals," he warned.

Herkenhoff criticized the EU's approach, suggesting it merely addresses symptoms rather than providing a real solution. He cautioned that the EU could inadvertently become a haven for cybercriminals. To bolster online banking security, Herkenhoff called for a collaborative effort among banks, security agencies, and telecom companies. He stressed the need for measures against spoofed phone numbers, which consumers often cannot distinguish.

The EU's PSR directive intends to enhance consumer protection against fraud such as phishing and spoofing by shifting liability to banks. Currently, individuals acting with gross negligence bear the liability. Herkenhoff urged a united front to tackle these issues effectively, referencing more successful regulations in other countries.

If only there were a decentralized payment system that knew neither centralized points of attack nor censorship, where each individual could manage and take responsibility for their own economic energy...