BETTER FINANCE has joined a broad coalition of stakeholders calling on the European Commission to establish a dedicated Digital Services Act (DSA) Code of Conduct on online fraud and scams, as the scale and sophistication of digital fraud continues to grow.
Online investment scams and financial impersonation increasingly begin on digital platforms before causing significant financial and personal harm to consumers. BETTER FINANCE welcomes the proposed DSA Code of Conduct as an important first step towards stronger cooperation between online platforms, payment service providers, telecom operators, public authorities and other actors involved in preventing fraud.
However, tackling fraud requires action across the entire fraud chain, before consumers are deceived and before payments are made. The future Code should serve as a practical bridge between the DSA and the Payment Services Regulation (PSR), turning existing requirements on fraud monitoring, information sharing and cooperation into effective operational measures.
“Consumers should not bear the consequences of fragmented responsibilities between the digital and financial services ecosystems,” said BETTER FINANCE’s Martin Molko. “A coordinated European framework is needed to ensure that every actor able to detect, prevent and remove fraudulent activity plays its part.”