FRANKFURT: Bank card fraud rose for first time in four years in 2012, largely due to Internet fraud, data compiled by the European Central Bank showed yesterday.
“Card fraud within the Single Euro Payments Area (SEPA) increased in 2012 for the first time since 2008, driven mainly by higher internet fraud,” the ECB wrote in a new report.
“More efforts will be required to ensure the security of online card payments as Internet purchases continue to grow,” it said.
According to the ECB data, ¤1 in every ¤2,635 spent on credit and debit cards issued within SEPA — the European Union, Iceland, Liechtenstein, Monaco, Norway and Switzerland — was lost to fraud. That represents 0.038 percent of a total of ¤3.5 trillion in transactions, up from 0.036 percent in 2011.
The total value of fraud increased by 14.8 percent to ¤1.33bn in 2012.AFP
