Fraud with electronic payments creates 8.9 ME losses in the 1st semester of 2024 – business
In the report of 2024 payment systems, today, the Bonco de Portugal (BDP) “fraud in electronic payments in Portugal has decreased”, which is less than recorded in the European economic space, but “slightly”.
In the first part of 2024 (BDP does not reveal data for the entire year), in the cards (Optic to the issuer) 129 fraudulent activities for each million activities (Less than 156 fraudulent activities for each million homologous period). The The average value of fraud is 58 euros (2023 47 euros during the same period).
There are 16 fraudulent activities in each million in regular transfers (more than six in the same period). The average value of fraud is 3,118 euros, than the previous 3,086 euros.
Already Direct debt is a device with a lower fraud rate (0.4 fraudulent activities for each million activities), average value of 493 euros (less than 648 euros in the first part of 2023).
Bonco de Portugal said In card activities used by the customer’s stronger authentication, this standardization is much less than the level of fraud.
In credit transfers, BDP says that all is, because criminals create “social engineering strategies”, to start the client in their favor or change the client to obtain their strong authentication credentials. Here are Cases such as sending consumer emails or links to fraudulent sites or schemes like ‘Hello Father/Hello Mother’.
In the case of losses, in the first part of 2024, the total amount increased to 8.9 million euros. The previous report indicated that the losses were five million euros in the first part of 2023.
According to BDP, In the first six months of 2024, the losses associated with the defined card fraud have increased.
Who receives payment of payment fraud?
Who will receive the risks, Banco de Portugal said that when activities started itself or abuse of personal data shared by security credentials or inappropriately shared. Already “under other circumstances”, losses come mainly on payment companies.
In May 2024, the designated functionality confirmed the beneficiary, in which the user or company name will be confirmed before giving the final sequence of money transfer.
According to BDP, “This allows the beneficiary to significantly reduce the frauds relating to the confirmation of the ‘Hello Father, Hello Mother’“.
After the Regulator and Bank Supervisor also provided this functionality, “there are instant transfers by reduction in credit fraud conditions and the manipulation of ordinary (-77% of fraudulent activities in the first three months of implementation).
In 2023, there were 83.3 million consultation to verify the only beneficiary.
