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%.