Card fraud

ECB publishes sixth oversight report


The European Central Bank (ECB) publishes its sixth oversight report on card fraud, which focuses on 2018 data within the overall context of a five-year period from 2014 to 2018. The report differentiates between two main types of card fraud: (i) fraud conducted with physical cards, such as cash withdrawals using counterfeit or stolen cards; and (ii) fraud conducted remotely for online and other payments using card details obtained by scams like phishing.

In 2018, fraudulent transactions using cards issued within SEPA totalled €1.80 billion. An average of 3.7 cents was lost to fraud for every €100 worth of card transactions, compared with an average of 3.5 cents in 2017.

The full ECB press release and the link to the oversight report on card fraud can be found here.