It’s interesting to consider that Europe has entered the realm of forced banking while at the same time weak fraud protections prevent victims of electronic payments from reimbursement. Europeans cannot expect protection, nor can they opt out of the broken system. 2022 in France: 4300 cases reveal that banks systematically refuse to reimburse consumers claiming that they have acted with “gross negligence” or have authorised the payment without bringing any proof that the consumer was indeed grossly negligent or at the origin of the payment. (source) There is a shit-show coming in the future for cross-border transactions within Europe. Quoting BEUC:

The European passporting regime allows payment institutions to search for authorisation in one Member State and then provide their service across all Member States. This system is suboptimal for enforcement as payment service providers can choose the Member State with the most liberal regime. In addition, Member States have limited possibilities to take action in their country as they are not responsible for payment service providers who registered elsewhere, and consumers will struggle to file complaints as they need to address a competent authority in another country.

(emphasis added)