Regulatory Alerts2024-01-16
Fraud Prevention Guidelines
The Bank of Lithuania issued these Guidelines to require payment service providers to establish robust fraud risk management frameworks and enhance consumer protection. The document mandates the appointment of dedicated Fraud Prevention Officers, outlines organizational responsibilities for managers, and prescribes regular risk assessments and monitoring procedures. It further details specific measures for cyber fraud resilience, defines fraud-related terms, and establishes protocols for the reimbursement of losses incurred by payment service users.
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