Joint EBA-ECB report on payment fraud: strong authentication remains effective but fraudsters are adapting
- In 2024 payment fraud rate in European Economic Area stable at around 0.002% of total value of transactions in a calendar year
- Total value of fraud increased to €4.2 billion in 2024 from €3.5 billion in 2023
- Strong customer authentication remains effective against the fraud types it was designed to mitigate and that were dominant at the time PSD2 came into force, especially for card payments
- However, new types of fraud are on the rise, particularly the manipulation of payers, which will require additional and new mitigation approaches
