2024-04-30 22:21:34
What the figures of the Bank of Greece reveal
A significant increase of 43% was noted in 2023 in the incidents of fraud in transactions with payment cards in relation to 2022 is noted in the Financial Stability report of the Bank of Greece (BoG).
According to the BoE, the number of fraud incidents as a percentage of the total number of transactions, despite the fact that it is still kept at a low level of 0.02%, increased by 25% compared to 2022, and corresponds to 1 fraud transaction per 5.4 thousand transactions.
Corresponding to the number of fraud transactions, the “loss” increased by 46% compared to 2022. However, it remains low also as a percentage of the total transaction value (0.02%). They correspond to 1 euro of fraud value per 4.3 thousand euro of transaction value, but this percentage is shown to be increased by 34% compared to 2022.
Analyzing the changes in fraud incidents by type of transaction, an increase in the number of fraud transactions concerning remote transactions without the physical presence of a card (card not present – CNP) is observed by 34% to 337 thousand incidents in 2023, from 251 thousand. in 2022, as well as the corresponding increase in their value by 35% to 17.5 million euros, from 13 million euros in 2022.
At the same time, an increase is observed in both the number and the value of fraud transactions at POS terminals by 106% and 142% respectively, with the number of these reaching 68 thousand incidents worth 4.2 million euros in 2023, from 33 thousand. incidents worth 1.7 million euros in 2022.
ATM transactions
Finally, significantly increased incidents of fraud are also observed in ATM transactions, the number of which in 2023 increased by 58% to 5 thousand incidents, from 3 thousand in 2022, while their value rose to 2 million euros from 1.5 million euros in 2022, increased by 35%.
The increase in the value of ATM and POS fraud transactions in 2023 compared to 2022 is mainly due to fraud incidents resulting from illegal transactions using a lost/stolen card. Specifically, the value of fraud transactions using a lost/stolen ATM card increased by 42% to 1.9 million euros, from 1.3 million euros in 2022, while the value of the corresponding transactions at POS increased by 117% in €3.8 million, up from €1.7 million in 2022.
When it comes to remote transactions, it is found that most fraudulent transactions involve online transactions. These incidents mainly concern online transactions with foreign companies, as in previous years.
Based on the figures of the BoE, the holders and receivers of payment services shouldered 59% and 34% of the total loss respectively. Payment service providers that issue cards were charged 7%.
Source OT