Payment fraud rose to €4.2bn in 2024, say ECB and EBA
Users, not providers, took ‘substantial’ share of related losses, report finds
Fraudulent payment transactions in the European Economic Area continued to rise in 2024, a new report from the European Central Bank and the European Banking Authority finds.
The report, published on December 15, analyses the €602 million ($710 million) increase in payment fraud between 2023 and 2024. The €4.2 billion figure for 2024 represents a 17% increase on the previous year.
Credit transfers saw a 24% increase compared with 2023 to a total value of €2.5 billion, the report says. Card fraud
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com test test test
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com test test test
More on Payments
Renato Gomes on Pix, Drex and digital asset regulation
Brazil’s deputy governor speaks with Christopher Jeffery about pros and pitfalls of open finance, financial inclusion and crime on Pix, and the need to sideline DLT for Drex phase 3
Lesetja Kganyago on a 3% target and risks posed by rising debt in a fractured system
The Sarb governor speaks about a lower inflation target, the impact of high developed-world debt, the G20’s payments efforts and the fracturing of the multi-lateral system
Visa to launch payment operations in Syria
Card service provider partners with central bank to integrate country into global digital economy
Nigeria to discourage cash withdrawals and make deposits easier
Central bank says reform package aims to reduce cash usage and tackle money laundering
Bowman and Hill say stablecoin rules are on their way
FDIC acting chair says regulation to establish application framework should come this month
Permissionless payments may be the future – NY Fed study
Stablecoins’ accessibility makes them different from other fast payment options, say authors
Alexandre Tombini on LatAm resilience and growth amid uncertainty
The BIS Americas head speaks about the impact of the US tariffs, building resilience and fostering inclusion via digital payments
Central banks are needed to make instant payments work, says panel
Legal and payment experts tell Autumn Meetings that private sector cannot achieve this on its own