Last night, MEPs and EU Member States have reached an agreement that strengthens Europe’s protection against online fraud. The new rules will modernise payment systems across the EU and introduce ambitious anti-fraud measures.

Recent investigations have highlighted the scale of the problem. Meta (formerly Facebook) projected that around 10% of its global 2024 revenue came from scam-related advertisements.

Every day, an estimated 15 billion high-risk ads are delivered to users, including cryptocurrency scams, illegal online casinos, and prohibited products.

The agreement reached last night directly targets this rapidly growing fraud industry.

Under the new Payment Services Package, payment service providers whose systems are linked to online platforms will be held liable in cases of fraud.

Online platforms themselves will also face clear responsibilities: they must conduct mandatory checks on advertisers and swiftly remove fraudulent content. They can be held financially accountable if they fail to act.

Morten Løkkegaard, lead negotiator for the file, said: “With this agreement, we finally take on a fraud industry that has had far too easy access to citizens for far too long. Consumers will now have the right to compensation when they fall victim to spoofing fraud.”

He added: “It should be as safe to make a payment online as to buy bread from your local bakery. It’s not acceptable that tech giants indirectly profit from ads that expose ordinary people to fraud.”

Løkkegaard emphasised that the reform is not only a milestone for consumer protection: “This is also about ensuring a secure financial ecosystem for our businesses while fostering innovation in payment services. This agreement is a key step towards a safer and more trustworthy digital economy in Europe.”