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In volume terms, 7.31 million card transactions using cards issued in the EU/EEA in H1 2023 were fraudulent, while the number of fraudulent credit transfers, direct debits, cash withdrawals and e-money transactions was significantly lower.
• The value of card-not-present fraud declined by 12% in 2021 in light of the market-wide implementation of strong customer authentication • Card-present fraud in the form of using counterfeit cards at shops and ATMs
In 2019 80% of the value of card fraud resulted from CNP transactions, i.e. payments via the internet, mail or phone. In contrast, fraudulent transactions at physical point-of-sale (POS) terminals such as face-to-face payments at retailers or restaurants and at automated teller machines (ATMs) only accounted.
Card and digital wallet payments, followed by mobile payments and debit transfers are perceived as having the highest fraud rates, even though they are the most widely accepted. Merchants overwhelmingly agree that real-time payments will complement credit card payments, contributing positively to the financial ecosystem.
Phishing / pharming, card testing, identity theft, and frst-party misuse remain the most prevalent fraud attacks, each affecting more than 3 in 10 merchants globally.
More than half of the respondents from retail banking, credit card networks and consumer lending specialists (home loans, car loans, personal loans) categorise their fraud concerns as high. However, less than half of fintech and digital banking organisations reported the same.
Total value of losses due to card fraud, either credit card fraud or debit card fraud, worldwide from 2014 to 2022 [Graph], Statista, December 31, 2023. [Online].
