The Bank of Greece has has seen a major increase in electronic fraud in Greece during 2022, as transactions with payment cards worth 16.2 million euros compared to 13.4 million euros in 2021 an increase by 21% compared to a year earlier.
Attacks on cardholders via e-mails, SMS and phones continue unabated, leading would-be victims to lose in many cases large sums of money.
The growing use of plastic money by Greek consumers for transactions have made them also victims of fraudsters.
This increase was observed despite the fact that in the same period the number of fraud incidents decreased by approximately 27%, from 392,400 to 287,300.
The reason was the geometric increase in fraud at points such as ATMs and POS, but also the increase in the value of money embezzled in transactions without the physical presence of the card (card not present – CNP transactions), i.e. in internet transactions.
In particular, internet fraud in terms of value increased from €12 million to €13.2 million, being the most important source of card fraud by sophisticated fraudsters.
In the same period the value of fraud incidents that occurred in cash withdrawals using cards at ATMs increased by 92%, and the value of POS transactions increased by 147%, reaching €1.3 million and €1.7 million respectively, from €705,000 and €701,000 in 2021.
Regarding the increase in the value of ATM and POS fraud transactions compared to 2021, it is observed that the main reason for the increase was fraud incidents that have been carried out using a lost or stolen card. With regard to the fraud carried out in remote transactions, it is found that most fraudulent transactions concern transactions with foreign companies that take place via the internet.
The most common types of payment card fraud are: transactions with a lost or stolen card, transactions with a card that was embezzled before reaching the owner’s hands, issuing a card using false personal or financial information, forgery or creation of clone cards which can carry out transactions with businesses while the real cards are in the hands of their owners, and interception and illegal use of the card number in remote transactions or online.
According to the Financial Stability Report of the Bank of Greece at the end of 2022, 20.6 million cards were in circulation. 17.6 million are debit cards, 2.3 million are prepaid cards, 2.9 million are credit cards, while 126 thousand virtual cards are also in circulation.
Demand for prepaid and virtual cards is on the rise, attributed to the ever-increasing use of the internet for transactions.
In 2022, card transactions amounted to €94 billion (+14% compared to 2021). Transactions per debit card increased last year to 101 from 90 in 2021.
Police: The most dangerous scams
According to Greek Police the main forms of online fraud are the following:
Phishing of personal information. It is usually done by sending emails from a supposedly existing and legitimate company, which includes a suspicious link or file attachment.
Credit card fraud They are carried out by catching (phishing) the internet of the sensitive personal data and mainly bank account details via a hyperlink that usually leads to a fictitious bank website.
The “Nigerian” Scam. In this case emails are sent, informing that someone needs your help in order to transfer a large amount of money (or inheritance), against a large promised fee.
In online shopping Publish offers that are too good to be true and are available for a limited time.
Spanish Lotto Email notification that you have won a large amount of money in an online lottery
Granting loans. Posts on social media pages about loans with favorable terms from unlicensed operators.
Online classifieds Posting fraudulent advertisements on the internet for renting houses, finding work or buying and selling products.
Act clever and protect yourself!
