The number of cases of fraud with Cyprus payments in Cyprus according to the results of 2024 increased by 34%. The Central Bank report indicates a particularly sharp increase in the number of crimes related to card payments and cross -border transactions. But in comparison with other EU countries in Cyprus, still calmly.
Despite the growth, the number of crimes of this kind remains below the average indicator according to the eurozone both in terms of volume and in the amount of fraudulent transactions.
The total number of cases of fraud increased by 34%, reaching 14,000 transactions, and the total amount increased by 26%, to 3 million euros, compared with the same period of 2023. In the eurozone, growth was lower - 7% in volume and 22% in terms.
The greatest growth was recorded in the field of card payments: 13,000 transactions, which is 94% of all cases. Financial losses in this category amounted to 1.2 million euros, or 39% of the total fraud. Almost all incidents (99%) were associated with unauthorized transactions, mainly during online purchases. Fraud at the physical points of sales was minimal, as well as when paying with checks and straight accounts.
Bank transfers to attackers were less frequent, but more significant in total, amounting to about 1.8 million euros, or 60% of all losses. Its most common type was the manipulation of the payer, known as fraud with authorized push payments (App), which accounted for 75% of cases.
Cross -border payments were associated with high risk. The likelihood of fraud in card payments outside the Cyprus is 25 times higher than when using cards within the country. Cross -border bank transfers are 10 times more vulnerable to attackers than those that were carried out within Cyprus.
The use of a reliable customer authentication system (SCA) plays a decisive role in the fight against scammers: for transactions protected by SCA, the number of crimes is five times lower than with transactions without it.
Despite the growth, the level of fraud in relation to the total volume of payments remains extremely low - less than 0.002% for transactions with cards and less than 0.01% for credit transfers.
The text is prepared based on FastForward materials
