During the period under review, card fraud costs have amounted to EUR 25 million with most of the card fraud taking place online or over the telephone. Nine out of ten fraudulent credit card transactions have happened without the card being present, where the card number was used either online or over the phone. Once the card details had been illegally accessed, almost 50 percent of the fraudulent spending has taken place in the UK (47 percent), with 18 percent of fraudulent transactions taking place in the US and 12 in Ireland.
Statistics have shown that card skimming has only accounted for 8 percent of credit card fraud. Although spending on credit and debit cards has increased slightly in 2011, card fraud losses accounted for one tenth of the EUR 23 billion spent on cards in 2011. Card issuers were able to recover almost 60 percent of the ripped off transactions either through refunds or chargebacks from retailers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now