NewsLocalVast majority of card fraud in Cyprus takes place via online, mobile...

Vast majority of card fraud in Cyprus takes place via online, mobile payments

The vast majority of card fraud in Cyprus takes place via online and mobile payments, Philenews reported on Monday citing European Central Bank’s latest report.

In fact, 91% of card fraud takes place this way while 2% at POS terminals and 6% via ATMs.

The ECB report also showed that cross-border transactions accounted for 65% of the total value of card fraud.

The Eurosystem’s seventh report on card fraud, which analyses statistical information on card payment transactions and fraud in the euro area, reveals that 80% of fraudulent card transactions in 2019 resulted from so-called card-not-present (CNP) payments.

These are mainly carried out via online or mobile transactions.

Compared with 2018, the value of CNP fraud increased by 4.3%.

Fraudulent transactions at point-of-sale (POS) terminals and automated teller machines (ATMs) accounted for 15% and 5% respectively of the total value of card fraud in 2019.

Fraud committed at POS terminals was slightly higher, increasing by 2.2% in 2019, while fraud committed at ATMs decreased by 6.1%.

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