ECB report shows fall in card fraud
Card fraud has been on a declining trend since 2007, thanks to technological advances that are making transactions safer. This is the main conclusion of the second report on card fraud published today by the European Central Bank (ECB). However, fraud is migrating to countries where the technology remains less developed.
From 2010 to 2011 there was a further decrease in the value of fraud, despite growing card usage in the Single Euro Payments Area (SEPA), which comprises 32 countries (the European Union Member States, Iceland, Liechtenstein, Monaco, Norway and Switzerland) and 516 million citizens. The total amount of fraud was €1.16 billion in 2011, representing a decrease of 5.8% since 2010. In relative terms, the share of fraud as a share of the value of all transactions fell to 0.036% in 2011, from 0.040% in 2010 (and 0.044% in 2007). Between 2007 and 2011 the overall amount of fraud decreased by 7.6%, while the total value of all transactions grew by 10.3%, reaching almost €3.3 trillion per year.