1 August 2024

• Total value of fraud across main payment instruments at €4.3 billion for 2022 and €2.0 billion for first half of 2023
• Report confirms effectiveness of strong customer authentication requirements, in particular for protecting against card fraud
• Card fraud risk lower for transactions within the European Economic Area, owing to mandatory application of strong customer authentication

The European Central Bank (ECB) and the European Banking Authority (EBA) today published a joint report on payment fraud. The report assesses payment fraud data reported semi-annually by payment service providers across the European Economic Area (EEA) for a variety of payment instruments, such as credit transfers and card payments.

The total value of fraudulent credit transfers, direct debits, card payments, cash withdrawals and e-money transactions in the EEA amounted to €4.3 billion in 2022 and €2.0 billion in the first half of 2023. Most payment fraud in terms of value was related to…