Under PSD2, all payment services providers, including credit card providers, money remitters and e-money issuers, account information service providers (AISP) and payment initiation service providers (PISP) are required to file reports in relation to confirmed fraudulent activity, known as the REP017 report.
The REP017 report provides the means for firms through Gabriel to provide the FCA with statistical data on fraud related to different means of payment which in turn is aggregated and shared with the European Banking Authority and European Central Bank.
The first submission for REP017 is scheduled for 31st January 2019 covering the period from the 13th January 2018 to 31st December 2018. For this period, the FCA have published an interim REP017 report to be completed.
This blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised.