Release of new recommendations in France to facilitate reimbursements to victims of banking fraud

Last week the Banque of France issued new recommendations to ensure systematic repayments for victims of banking card fraud. The recommendations were released after the Court of Appeal of Versailles granted a reimbursement from BNP Paribas to a client who had been stolen EUR 54,000. Previously, clients could obtain reimbursements by proving that they had not been negligent, making it easier for banks to question and often refuse repayments. With the new recommendations, reimbursements are provided even in case of doubt; the bank has then 29 days to investigate the fact and claim the money back in case they find clear evidence of negligence.

The new measures have been approved by the watchdog l’Autorité de contrôle prudentiel et de résolution (ACPR)  and well accepted by the president of the consumer associations, UFC-Que Choisir, who highlighted the need for better protection mechanisms for clients, considering the fact that fraud has become more and more sophisticated.

Support for fraud victims has also been strengthened with communication and awareness campaigns and the release of guidance for fraud victims.

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