1 fraud for every 5,400 bank transactions

Credit card fraud is on the rise, alongside the rise of electronic transactions at the expense of cash, according to the Bank of Greece (BoG).

TtE calculates that for every 5,400 transactions, there is a fraud, although as a percentage of the total number of transactions, the incidents still remain at low levels (0.02%), points out ERT. Worrying, however, is the element that shows a jumpy increase in the percentage in an annual comparison.

The report on Financial Stability states that the increase in the number of fraudulent transactions reached 43% in 2023 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 maintained at low level of 0.02%, increased by 25% compared to 2022 and corresponds to 1 fraud transaction per 5.4 thousand transactions.

In absolute numbers, 1 euro of fraud value corresponds to 4,300 euro of transaction value, but this percentage is increased by 34% compared to 2022.

Analyzing the changes in fraud incidents by type of transaction, there is an increase in the number of fraud transactions involving remote transactions without the physical presence of a card (card not present – ​​CNP) by 34% to 337,000 incidents in 2023, from 251,000 in 2022, as and 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 68,000 incidents with a value of 4.2 million euros in 2023, from 33,000 incidents with a value of 1, 7 million euros in 2022.

Significantly increased incidents of fraud are also observed in ATM transactions, whose number in 2023 increased by 58% to 5,000 incidents, from 3,000 in 2022, while their value rose to 2 million euros from 1.5 million euros in 2022, increased by 35%.

Card fraud

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.

When it comes to 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%.

The total number of payment card transactions in 2023 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.