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Card Fraud Increases In Europe In 2012
The report, compiled by the Eurosystem (ECB and 18 national central banks of euro area), looks at fraud using different kinds of cards (debit and credit) and according to type of usage, Xinhua news agency reported.
Some 60 percent of fraud cases resulted from card-not-present (CNP) payments, i.e. payments via post, telephone or the internet, while about a quarter resulted from point-of-sale (POS) terminals and about one-sixth from automated teller machines (ATMs).
In 2012, 1 euro in every 2,635 euros spent on credit and debit cards issued within SEPA including the European Union, Iceland, Liechtenstein, Monaco, Norway and Switzerland was lost to fraud.
The figure represents 0.038 percent of a total of 3.5 trillion euros in transactions, up from 0.036 percent in 2011. The total value of fraud increased by 14.8 percent in 2012 compared with 2011, reaching 1.33 billion euros.
Compared with 2008, the overall amount of fraud decreased by 9.3 percent while the value of transactions increased by 17 percent.
"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 Vitor Constancio, vice-president of ECB.
CNP fraud has been on an upward trend over the past few years and increased by 21 percent from 2011 to 2012. Higher ATM and POS fraud was caused mainly by higher counterfeit fraud.
The report also shows that on average, cards issued in France, Britain and Luxembourg experienced the highest losses from fraud as a proportion of regular transactions. (1 euro = US$1.37).
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