Skimming fraud @ 0.023% in NL
Some dry financial crime numbers (will compensate this post with a more frivolous post later). The Minister of Finance in the Netherlands, Europe, asked the Netherlands’ Association of Bankers to compile data on debit card skimming. The total fraud loss on debit card skimming for Dutch banks is estimated @ 0.023% of total transaction volume, or 31 million euro. Skimming fraud costs Australia -considerably larger than the Netherlands- about $50 million a year, says the Australian Payments Clearing Association. While Australia’s total rate of fraud remains low by global standards, the total rate of fraud (cheque and payment cards) has risen from 5.9 cents (2007) to 7.2 cents for every $1,000 of payments. Australia’s total rate of fraud remains low by global standards, the total rate of fraud (cheque and payment cards) has risen from 5.9 cents (2007) to 7.2 cents for every $1,000 of payments. The UK reports Card fraud losses (including skimming, both debit and credit) total £609.9m, online banking fraud losses £52.5m and cheque fraud losses £41.9m. Main driver for growth in card fraud is on those transactions without chip and PIN protection.
EAST (the European ATM Security Team) has reported a 149% rise in ATM related fraud attacks during 2008 in 22 European countries (total of 357,241 ATM’s). This reverses a previous trend and is primarily led by the 129% increase in card skimming incidents, with a total of 10,302 reported. Despite this significant increase in incidents, fraud related losses increased by just 11% with a total loss of €485 million reported. This smaller increase in losses, relative to the significant rise in reported incidents, is indicative that that deployed counter-measures, such as anti-skimming devices, are increasingly effective, as are fraud monitoring and detection capabilities.
Although the actual loss per skimming may be on the decline in Europe, the problem has not been solved globally. Skimming seems to be a trend that is travelling from East to West, with the US seeing an increase? Let’s wait for the trending in the US.
http://allpaynews.com/content/payments-fraud-australia
