With communication published on October 30th on the website of the Banca d’Italia, the criteria to be fulfilled in order to suspend the reimbursement of unauthorized transactions by Payment Service Providers (PSPs), as well as the necessary procedures for the reporting of such suspension, have been specified.
In compliance with the reporting obligation under article 11 of Legislative Decree no. 11/2010, Banca d’Italia clarified that all PSPs must inform Banca d’Italia in writing about the suspension of reimbursement in cases of reasonable suspicion of fraud.
Indeed, PSPs generally have the responsibility to immediately and fully refund unauthorized transactions to the payer, ensuring that the value date of the reimbursement coincides with the date of debiting.
However, an exception to the obligation of immediate refund is made when the PSP has a reasonable suspicion that the unauthorized transaction is the result of fraudulent behaviour by the payer.
Such behaviour is given in cases where the user intends to deceive the PSP.
The communication includes also a template to be used by the PSP to report suspicions of fraud and the following reimbursement suspension, which has to be sent to Banca d’Italia’s designated email address.