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Crime

+ - EU Payment Card Fraud Nets 1.5bn a Year to Cybercriminals->

Submitted by
Orome1
Orome1 writes "Although the total number of payment cards (debit and credit) issued in the EU in the previous 12 months reached over 726,000,000 — card fraud has actually been on a decline in recent years due to technological advances that have increased the security of transactions. However, Europol reports that there remains a very active criminal market in payment card fraud in Europe, pulling in around 1.5 billion euros a year for the organized crime groups involved. the level of illegal card-present transactions carried out overseas has seen a sharp increase as criminals target the weak points of the system by committing crimes using non-EMV compliant cash machines and payment card terminals in countries such as the USA, Dominican Republic, Colombia, Russian Federation, Brazil and Mexico. Organized crime groups upgrade their criminal techniques relatively quickly, producing devices to bypass the latest anti-skimming technology and exploring other ways to rip off EU consumers and industry."
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EU Payment Card Fraud Nets 1.5bn a Year to Cybercriminals

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