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ECB says card fraud in decline

Card fraud has been a declining trend over the last six years, according to a new report from the European Central Bank (ECB).

The study indicates that technological advances are making transactions safer, although fraud is migrating to countries where the relevant technology remains less developed. 

Between 2010 and 2011, there was a decrease in the value of fraud even though card usage in the Single Euro Payments Area has been growing. ECB data also shows that the total amount of fraud was €1.16 billion (£1 billion) in 2011, representing a decrease of 5.8% since 2010.

The ECB and the 17 national central banks of the euro area, which together comprise what is named the Eurosystem, undertook the research and found that improvements in the security of cards and in the underlying payment infrastructure are the key reason for a slowdown in growth of ATM fraud. There was also a reported drop of over 24% in fraud carried out at POS terminals.

The full report is available to view on the ECB’s website.