News & Views - Savantor

Card Fraud on the move

Friday, 15 October 2010

Before the EMV detractors start to rubbish the figures, it was good to see that fraud losses on UK cards fell to their lowest levels for 10 years in the first half of 2010, with total fraud losses on UK cards down 20% on the same period in 2009.  However in Europe it wasn’t quite such a good picture as the latest European ATM Crime Report published by EAST (the European ATM Security Team), shows a 24% increase in card skimming attacks at European ATMs. 5,743 attacks were reported for the period January to June 2010, compared with 4,629 for the same period in 2009.  It wasn’t all bad news though as for the same periods, skimming related losses fell from €156 million to €144 million.

The EAST report shows that ATM related card skimming losses have now fallen consecutively for the last five reporting periods, from a high of €315 million in the second half of 2007, to the €144 million just reported. The continuing fall is believed to be as a direct result of the effectiveness of the EMV rollout, as compromised European cards are increasingly being used outside of the 31 countries of the Single Euro Payments Area (SEPA). Domestic losses (losses from national cards within national borders) have fallen 41%, from €41 million in the first half of 2009, to €24 million. International losses (losses from national cards outside national borders) have risen 4% from €114 million to €119 million. A significant part of these international losses are now occurring outside Europe in areas where EMV has not yet been implemented.  Are you watching America?

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