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The president of the Office of Competition and Consumer Protection (UOKiK) is aiming to reduce the risk of fraudulent transactions, strengthen consumer protection and increase security as the digital payment environment evolves.
The new guidance includes a series of 16 recommendations focused on areas such as improving transaction monitoring, enhancing authentication methods, and restricting risky functionalities in mobile and online banking platforms.
The recommendations were developed by a working group that included representatives from the Polish Financial Supervision Authority and banking industry experts, and are intended to enhance security standards across the industry.
The role of payment service providers does not end with providing consumers with the ability to make payments quickly and conveniently. Each new solution requires educating customers, not only in terms of its functionality, said Tomasz Chr籀stny, UOKiK president.
Chr籀stny stressed that it is important to provide reliable information about risks and teach customers how to avoid them. However, the key issue is the work of payment service providers to minimise this risk at the system level.
According to UOKiK, fraud has become an increasing threat to consumers, and although many payment service providers (PSPs) have implemented individual security measures, the regulator believes a coordinated, industry-wide approach is now necessary.
UOKiKs recommendations are designed to standardise these efforts, ensuring comprehensive consumer protection while maintaining the flexibility PSPs need to address evolving risks.
Key areas of focus
The recommendations focus on areas such as improving transaction monitoring, enhancing authentication methods, and restricting risky functionalities in mobile and online banking platforms.
We are aware that providing customers with modern and convenient solutions is the basis for the competitiveness of a financial market entity, Chr籀stny said.
He argued that competition between PSPs should not, however, be limited to offering solutions that increase customer convenience.
It must take into account, above all, the security of transactions and the financial resources collected by consumers.
Key measures suggested include the use of a "cooling period" for high-risk actions, stricter control of transaction limits and providing customers with easy ways to report unauthorised transactions.
The guidance also emphasises the importance of communication, advising providers to ensure clear and timely alerts about potential risks or suspicious activity.
In addition, it encourages the adoption of advanced technologies such as artificial intelligence (AI) and biometric systems to detect unusual account behaviour and prevent fraud more effectively.
Limiting the scale of fraudulent transactions is in the interest of both consumers and all commercial market participants, said Chr籀stny.
I expect that the financial sector will not only not delay in adapting to the recommendations, but will also actively participate in creating good practices and developing solutions that increase the security of online payment transactions.
