FINLAND Law and Practice Contributed by: Olli Kiuru, Mia Rintasalo and Essi Hietaoja, Waselius
12.2 Areas of Regulatory Focus In the past, the FIN-FSA’s supervisory priority has been the security of mobile and online bank - ing, as well as addressing abuses in payment services and the corresponding compensa - tion processes. However, the FIN-FSA has not specifically indicated a focus on fraud through its supervisory actions for 2025. Neverthe - less, phishing (including smishing and vishing) fraud has caused the largest losses in the Finn - ish financial sector in recent years. Investment scams, such as those involving cryptocurrency exchange services, are also prevalent. The num - ber of managing director scams has also been on the rise. 12.3 Responsibility for Losses The allocation of liability between the service provider and the customer is assessed on a case-by-case basis. For example, according to the PSA, the payment service user’s liability for unauthorised payment transactions is generally
limited to EUR50, unless they have acted inten - tionally or with gross negligence. Gross negli - gence refers to extremely serious carelessness that clearly demonstrates a reckless attitude towards the security risks associated with the management and use of payment instruments. In such cases, the conduct of the payment instrument holder must clearly and significantly deviate from the standard of care expected. In many cases where the service provider has been held liable for an unauthorised payment transaction, the information provided in the text message (eg, concerning payment confirmation or activation code) sent to the customer by the service provider prior to the incident has been deemed insufficient. Furthermore, recent court decisions have shifted more responsibility for implementing preventative measures against payment fraud onto the service providers. These measures include, for example, taking additional actions to suspend abnormal payments.
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