|Bank card fraudsters milked 1.3b euros
Bank card fraud increased for first time in four years in 2012, largely due to internet scams, data from the European Central Bank show.
“Card fraud within the Single Euro Payments Area increased in 2012 for the first time since 2008, driven mainly by higher internet fraud,'' the ECB wrote in a new report, which also urged more security.
According to the ECB data, 1 euro in every 2,635 euros spent on credit and debit cards issued within SEPA –the European Union, Iceland, Liechtenstein, Monaco, Norway and Switzerland – was lost to fraud.
That represents 0.038 percent of a total of 3.5 trillion euros in transactions, up from 0.036 percent in 2011, the ECB said.
The total value of fraud increased by 14.8 percent to 1.33 billion euros in 2012.
“These data show we must remain vigilant against card fraud, although it is also reassuring to see that counterfeit levels are lower inside SEPA than outside, thanks to higher security standards,'' said ECB vice president Vitor Constancio.
The report found that around 60 percent of the value of fraud resulted from so-called card-not-present payments – payments made by post, telephone or the internet – while roughly 25 percent resulted from point-of-sale terminals and the rest from automated teller machines.—AFP