The cause of most fraudulent cases involving payment cards is the disclosure of their users’ data.
Last year, payment service providers, merchants and customers suffered UAH 833 million in losses from illegal activities using payment cards last year, which is 73% higher than the figure for 2022. The press service of the National Bank of Ukraine reported this on Tuesday, April 2.
The number of cases of financial fraud in 2023 increased by a quarter – to 272 thousand transactions. The average value of an illegal transaction increased to 3,065 hryvnias last year from 2,200 hryvnias in 2022.
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At the same time, the number of active cards in 2023 increased by 13%, indicating a more active use of payment cards for transactions, the NBU said.
The share of losses of postal operators and non-bank financial institutions with the right to issue or receive electronic means of payment reached 0.4% of the total amount of losses for 2023 and 0.2% of the number of cases.
Most of the payment card fraud cases last year occurred on the Internet – 83% of the total, while 17% – through physical devices, including retail chains, ATMs, and self-service devices.
The average value of an illegal transaction on the Internet increased by 31% and reached 3,150 Hryvnia in 2023 compared to 2,408 Hryvnia last year.
Most fraud cases are caused by clients disclosing personal information. 80% of the total losses in 2023 are due to social engineering, while in 2022 this number will be at 53%.
We remind you that since the beginning of 2023, more fraud proceedings have been opened in Ukraine than in the entire year of 2021. The most common fraudulent schemes use hacking of accounts on social networks, fake messages from bank and SMS about social payments.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.