The overwhelming majority of card fraud in Cyprus takes place by way of on-line and cellular funds, Philenews reported on Monday citing European Central Financial institution’s newest report.
In reality, 91% of card fraud takes place this fashion whereas 2% at POS terminals and 6% by way of ATMs.
The ECB report additionally confirmed that cross-border transactions accounted for 65% of the entire worth of card fraud.
The Eurosystem’s seventh report on card fraud, which analyses statistical data on card fee transactions and fraud within the euro space, reveals that 80% of fraudulent card transactions in 2019 resulted from so-called card-not-present (CNP) funds.
These are primarily carried out by way of on-line or cellular transactions.
In contrast with 2018, the worth of CNP fraud elevated by 4.3%.
Fraudulent transactions at point-of-sale (POS) terminals and automatic teller machines (ATMs) accounted for 15% and 5% respectively of the entire worth of card fraud in 2019.
Fraud dedicated at POS terminals was barely increased, rising by 2.2% in 2019, whereas fraud dedicated at ATMs decreased by 6.1%.