European Banking Authority publishes tips on how consumers should protect themselves when contracting banking services through digital channels

The European Banking Authority (EBA) published a series of recommendations for consumers to consider before choosing a banking product or service through digital channels and throughout the contracting process.

In the factsheet “Key tips to protect yourself when choosing online or mobile banking services”, the EBA highlights the importance of consumers:

• Reading and understanding the terms and conditions of the product before signing the contract, paying special attention to the information on fees and charges;

• Adopting behaviours that minimise security risks associated with the digital environment;

• Knowing the various mechanisms they can seek recourse to whenever they feel their rights have not been enforced.

With the publication of this factsheet, the EBA aims to comply with the priorities it defined in its FinTech Roadmap published in March 2018.