Losses caused by card fraud at EU payment terminals are at their lowest level since 2005, according to data released by the European Association for Secure Transactions (EAST). Overall losses for H1 2018 fell 43% to €107m ($124m), in large part because of a 19% decrease in card-skimming scams – €118m to $104m. EAST credited the drop to the effectiveness of the EMV payment method and the efforts of terminal managers and card issuers in implementing “counter-measures such as geo-blocking, fraud monitoring capabilities and fraud detection”. The EAST report also noted that there was an increase in fraudulent transactions involving credit cards issued outside the EU, with more than half (52%) of all reported cases being from non-EU countries.
Losses caused by card fraud at EU payment terminals are at their lowest level since 2005, according to data released by the European Association for Secure Transactions (EAST). Overall losses for H1 2018 fell 43% to €107m ($124m), in large part because of a 19% decrease in card-skimming scams – €118m to $104m. EAST credited the drop to the effectiveness of the EMV payment method and the efforts of terminal managers and card issuers in implementing “counter-measures such as geo-blocking, fraud monitoring capabilities and fraud detection”. However, losses from physical attacks on ATMs increased by 24% to €15m.