Wednesday, September 3, 2014   

Bank card fraudsters milked 1.3b euros
(02-25 19:23)

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

   
Other Business breaking news:
China fines insurance firms for fee fixing (09-02 19:02)
German new car sales stable in August: data (09-02 18:39)
Hang Seng ends flat, Shanghai soars (09-02 17:54)
Hang Seng dips at midday (09-02 12:11)
Nikkei soars by break (09-02 11:07)
Eurozone manufacturing slows in August (09-02 10:46)
Alipay, Huawei to promote mobile fingerprint payment (09-01 18:19)
Sony founder nephew to head PlayStation unit (09-01 17:27)
Microsoft demanded to explain over monopoly accusations (09-01 17:15)
German machine-tool orders stagnate in July (09-01 16:29)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.