The European Union has just finalized a major agreement on the Payment Services Package (PSR + PSD3), which introduces for the first time a financial accountability regime directly targeting large digital platforms, including Meta and TikTok. The objective is to force advertising players to assume the consequences of online fraud that passes through their systems, in a context where scams broadcast on social networks are growing rapidly. European institutions are relying on recent revelations showing that Meta distributes several billion high-risk advertisements every day, and that fraudulent advertisements constitute a central vector of financial scams in the Union.
This reform comes at a time when the advertising fraud economy has taken on unprecedented proportions. Around 15 billion potentially fraudulent ads are distributed daily around the world, including cryptoscams, fake investment platforms and banned products. Until now, no rules imposed direct financial liability on platforms when users were deceived through their advertisements.
For Morten Løkkegaard, rapporteur of the European Parliament, the shift is “Historic: we are entering into a standoff with the digital fraud industry,” he declares. “For the first time, the agreement places real responsibility on both payment providers and tech giants when their platforms are used to commit fraud. » He underlines the scale of the phenomenon: according to him, “around 274,000 Danes are affected each year by attempted online fraud”, a level considered incompatible with the functioning of a secure digital market.
This new legal framework aims to profoundly modify the chain of responsibility, so when a user is the victim of fraud initiated via an advertisement or a fraudulent message, their payment service provider will have to reimburse them. If the fraud originated on a platform that did not remove the content despite a report, the platform may be required to compensate the service provider. This liability loop is a first in Europe and extends the Digital Services Act by adding a direct financial dimension.
The text also wants to impose on platforms prior verification of advertisers offering financial services. They must ensure that the advertiser is authorized in each targeted country and immediately remove any reported fraudulent content. Morten Løkkegaard emphasizes this point: “We attack fraud at its source. It is not acceptable for tech giants to profit from ads that expose citizens to fraud. »
This reform aims to restore confidence in European digital payment systems and secure the attention economy, which has now become a breeding ground for scammers. “This is a major step forward for consumers, for confidence in the digital market and for Europe’s economic security. A good day for the European Union. A bad day for fraudsters,” concludes MEP Morten Løkkegaard.
The text must still be formally adopted by the Parliament and the Council before its entry into force.
