In 2021, card-not-present fraud accounted for approximately 84% of the total amount, although it decreased by 12% compared to 2019, while card-present fraud decreased by 6%.
Card fraud in Europe continued to decline in 2021, falling to 0.028% of the total value of SEPA-issued card payments, the lowest level since data collection began.
In a statement released this Friday, the European Central Bank (ECB) specifies that this percentage of 0.028% of the total value of card payments made with cards issued in SEPA (Single Payment Space in Euros) amounted to 1,530 million euros out of a total value of 5,400 million euros.
The ECB recalls that, comparatively, card fraud in 2019 amounted to 1,870 million euros out of a total value of 5,160 million euros and that the highest percentage of card fraud observed to date was 0.048% in 2008.
In the statement, the ECB explains that There are two different types of card fraudone with card not present, that is, fraud carried out remotely in payments online and over the phone, using card details obtained through schemes such as identity fraud and another with a gift card, which usually occurs at retail outlets and ATMs and involves the use of counterfeit cards.
Card-not-present fraud, which accounted for approximately 84% of the total amount of card fraud in 2021, it decreased by 12% compared to 2019, following the market-wide rollout of strong customer authentication under the revised EU Payment Services Directive (PSD2), the ECB advances.
Gift card fraud decreased 6% in 2021 compared to the 2019 level, due to the continued global implementation of industry standards, which have been effective in reducing opportunities to commit counterfeit magnetic stripe fraud, it adds. the ECB.
The ECB also indicates that, as in previous reports, the majority of card fraud in 2020 and 2021 involved cross border transactions.
Although cross-border transactions accounted for just 11% of the total value of card payment transactions, they accounted for 63% of the total value of card fraud in 2021, the ECB says.
The ECB card fraud report is based on information provided by 20 payment card scheme operators.
Source: Observadora
