Her steep rise in plastic money in the everyday life of households and businesses with the total value of transactions breaking 100 billion by 2023. euros followed, as was natural, and the explosion in fraud incidents in payment card transactions.
THE Bank of Greece in its Financial Stability Report reveals that the increase in the number of fraudulent transactions in 2023 reached 43% compared to 2022. Accordingly, the number of fraud incidents as a percentage of the total number of transactions, despite the fact that it is still kept at the 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, “damage” increased by 46% compared to 2022. It remains, however, at low levels also as a percentage of the total value of transactions (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.
End, significantly increased incidents of fraud are also observed in ATM transactionswhose number in 2023 increased by 58% to 5 thousand incidents, from 3 thousand in 2022, while their value reached 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.
As far as they are concerned 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 data 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%.
Transactions increased
As far as the total is concerned number of payment card transactions in 2023, in the Report of the Ministry of Finance, it is pointed out that it increased to 2,211 million, from 1,930 million in 2022 (+15% change). Correspondingly, the total value of payment card transactions reached €103 billion from €94 billion, up 9% compared to the previous year.
THE average number of transactions per card in 2023 increased by 14% to 107 transactions, up from 94 transactions last year. The analysis by individual card categories shows that the change in the average number of transactions per card is due to the increase in the average number of transactions per debit card to 115 transactions, from 101 transactions in 2022.
THE average value of transactions per card increased by 9% and amounted to 4,948 euros, from 4,556 euros in 2022. Analyzing the changes in the average value of transactions in the individual card categories, it is observed that the change is mainly due to the increase in the average value of transactions per debit card by 9% to 5,365 euros, from 4,898 euros in 2022. The average value of transactions per credit card increased by 2% to 2,547 euros, from 2,501 euros the previous year.
End, the average value per transaction of both debit and credit cards continues its downward trend and stood at 46 euros in 2023, compared to 48 euros in 2022 (change -4.5%). This decrease may be due to the increasing use of debit cards for the purchase of products and services of small value, the report notes.
