EU legal eagle says banks should refund cybercrime victims first, argue later

The article explains Advocate General Athanasios Rantos's opinion to reinterpret PSD2 so banks would be required to immediately reimburse victims of unauthorized payments (such as phishing scams) and pursue reimbursement later if gross negligence is established; it also describes how forthcoming PSD3/PSR reforms (including strengthened Strong Customer Authentication and broader data sharing by merchants) aim to clarify liability and reduce fraud, shifting short-term financial risk to banks while improving protections for victims.