Thursday, 26 July 2012
First ECB report on card fraud shows chips have increased the security of physical transactions
It states that improvements in the security of cards and the underlying payment infrastructure are the main reason that fraud at ATMs and POS terminals was lower in 2010 than in 2007. Shame the data only goes up to 2010 as more recent figures produced by the European ATM Security Team (EAST) in their 2011 European ATM Crime Report , indicates that related losses again fell in 2011. The introduction of regional card blocking (geo-blocking) by banks in six countries is likely to further reduce such losses.
You can download the full report from the ECB website.