A constant battle is going on between the banks and the “internet robbers”, who are constantly adjusting their strategy depending on the security measures taken to protect consumers.
Whenever credit institutions close a loophole or make certain types of fraud against their customers more difficult, the perpetrators turn to new methods to continue their business.
Banks and transactions over 1,000 euros
A typical example is the recent introduction of additional identification steps for electronic banking subscribers when carrying out transactions worth more than 1,000 euros.
For about a year now, an extra step has been required to complete them, and this, combined with intensive campaigns to inform the trading public, seems to have worked effectively to prevent thousands of fraud incidents.
What do the figures of the Bank of Greece show?
This is the interpretation given by banking sources to the data released a few days ago by the Bank of Greece.
According to them, last year a total of 11,214 e-robberies were recorded in credit transfers, with the loot of the astute reaching 24.6 million euros.
This is money that was transferred from the accounts of the victims to the accounts of the perpetrators, after they had previously intercepted their bank details and secured the approval of the former for the execution of the fraudulent transactions.
In this case, the same circles note, “it is a case of gross negligence on the part of our customers, who opened the doors of their deposit products to the robbers”.
Fraud incidents
However, the losses recorded a significant decrease compared to the previous year. Specifically, the number of incidents decreased by 31% and the value of illegally transferred amounts by 70%.
That is, fraudsters switched to lower-value transactions, with the average loss per incident falling from the €5,000 zone to €2,200, while managing to defraud fewer.
This drop is even recorded despite the fact that the additional security valve for transfers over 1,000 euros was activated in September 2023. That is, it only covered the transactions of the last quarter of the year.
According to bank executives, 2024 is expected to close with a new reduction in the relevant figures.
The card machines
Similar trends prevail in fraudulent card transactions. Security measures introduced by banks and payment service providers in recent years have played a role in reducing cases.
In particular, the now extensive use of the international technical standard for secure transactions “3D Secure” in Greece has brought results.
Foreign e-shops
According to data from the Bank of Greece, in the first half of 2024, 172,000 charges were made in online transactions using stolen card details, worth 8.4 million euros.
These are figures increased by 5% and 1% respectively compared to the second half of 2023.
However, according to the domestic monetary authority, it is established that the vast majority of fraud incidents concern online transactions in e-shops abroad, without the presence of the physical card.
That is, in the cases where the astute ones managed to intercept the card details of their victims, they preferred to carry out transactions outside the borders, in online stores that do not support the security standard that is now commonly used in Greece.
Who paid the damage?
Overall, financial losses in card transactions from fraudulent activity amounted to €10.4 million in the first half of 2024, marginally down 1% compared to the second half of 2023 and 9% compared to the first half of 2023.
As far as their distribution is concerned, it is found that the majority of the loss is borne by cardholders – users, who in the first half of 2024 shouldered 54% of it.
In other words, gross negligence on the part of the victims emerged from the examination of the cases.
On the other hand, payment service providers accepting card transactions shouldered 38% of the total loss, while payment card issuers incurred 8%.
Source: ot.gr
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