Recital 4

(4)Directive (EU) 2015/2366 of the European Parliament and of the Council ² requires Member States to ensure that payment service providers (PSPs) provide their competent authorities, at least on an annual basis, statistical information on fraud relating to different means of payment. Detail on this statistical information, as well as the aggregated data that the competent authorities have to share with the EBA and the ECB is provided in the EBA Guidelines on reporting requirements for fraud data ³ . As the EBA Guidelines focus on the reporting of data that are relevant mostly for supervisory purposes, it is necessary to ensure that the statistical information available to the ECB will allow it to effectively perform its oversight tasks, for example, by accurately monitoring trends in new payment services, formulating policies in rapidly-evolving retail payment markets and assessing the degree of safety and efficiency of the payment instruments to mitigate the specific risks (e.g. financial and operational risks) relating to the individual payment schemes. As a consequence, more detailed reporting of information on fraud should be required. Reporting agents should therefore report not only statistical information on fraud per payment instrument (e.g. card-based payment instruments, credit transfers, direct debits) as foreseen by the EBA Guidelines, but should also report more detailed data on payment channels, payment schemes, cross border card-based payment transactions and country breakdowns. In order to simplify the reporting requirements for reporting agents, the frequency of reporting should correspond with the frequency of reporting under the EBA Guidelines.