Central Bank of Cyprus publishes first Payment Fraud Statistics report for the second half of 2024

The Central Bank of Cyprus published its first Payment Fraud Statistics report, covering non-cash transaction fraud in Cyprus in the second half of 2024 across credit transfers, direct debits, payment cards, electronic money payments, cheques and remittances. The report draws on data submitted by all Cyprus-resident payment service providers and breaks incidents down by the counterparty provider’s place of establishment, with additional splits for card payments by processing method and information on the use of strong customer authentication. Fraud incidents increased but remained low in absolute and relative terms compared with the euro area average. Card payments accounted for 94% of fraudulent transactions by volume, while fraudulent value was concentrated in credit transfers (60%) and card payments (39%). For credit transfers, the main fraud type was account holders being deceived into making payments to fraudsters (75%). For card payments, 99% related to theft or misappropriation of sensitive payment data. Cross-border payments showed higher fraud incidence than domestic payments across all instruments, with cross-border card payments 25 times more likely to be fraudulent, and 95% of card fraud incidents occurring online even though most card payments were made at physical points of sale. The application of strong customer authentication appeared to reduce card payment fraud. The Central Bank of Cyprus will publish the statistics on a semi-annual basis. The report is available in Greek and English.