Online credit and debit card frauds within the Single Euro Payments Area (SEPA) had increased in 2012, according to a report on card fraud released by the European Central Bank (ECB).
The rise in fraud in 2012 marks the first since 2008. However, fraud as a share of the total value of transactions remained below the levels recorded between 2008 and 2010.
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The report, which was compiled by the Eurosystem, states that more efforts were required to be taken by banks to ensure the security of online card payments as internet purchases continue to grow. The Eurosystem comprises the ECB and the 18 national central banks of the euro area.
According to the report, 1 in every 2,635 spent on credit and debit cards issued within SEPA was lost to fraud in 2012.
The total value of fraud reached 1.33bn in 2012, up by 14.8%, compared to 2011 figures.
ECB vice-president, Vítor Constâncio, said these data show they 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.
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By GlobalDataWith respect to different mode of payments, around 60% of fraud in 2012 resulted from card-not-present (CNP) payments such as payments through post, telephone or the internet, a quarter from point-of-sale (POS) terminals and around one-sixth from automated teller machines (ATMs).
