If a customer reports to their bank an unauthorised transaction, then the customer, even when using a third party, will retain the 13-months refunds right. There is potential for HSBC to reduce this timeframe for corporate customers within contractual terms and conditions.
PSD2 introduces strict security requirements and customer authentication applicable to payment accounts. This applies to all payment service providers, including newly regulated payment service providers. This stricter approach on security should contribute to reducing the risk of fraud for all remote and electronic payments and to protecting the confidentiality of the customer’s financial data.