Payment card fraud hits €24 million in 2020 with majority of fraud taking place online

Banking & Payments Federation Ireland (BPFI) today published the latest debit and credit card fraud losses which amounted to €24.1 million in 2020 with over 275,000 fraudulent debit and credit card transactions.

The figures show card fraud losses rose by 9% in 2020 with the vast majority of this (96%) accounted for by online card fraud which rose by 21% to €23.1 million.

Payment card fraud

With shopping for Black Friday deals and the pre-Christmas rush already well underway, FraudSMART, BPFI’s fraud awareness initiative, is warning all consumers to be extra vigilant now and over the coming weeks to prevent themselves from falling victim to fraud while shopping online.

Speaking about the latest figures and how consumers can stay safe when shopping online this Christmas, Gillian Byrne, Head of Payments, BPFI said: “With more of us shopping online than ever before due to the ongoing pandemic, our latest card fraud figures are a stark reminder that consumers need to be on high alert during what is the busiest online shopping periods of the year.

“The banking industry is working hard to protect customers through better detection and fraud monitoring systems which are in place, however, we must all must remain vigilant against scams.

“With a jump of 21% in online card fraud losses in 2020 and over 275,000 fraudulent debit and credit card transactions, we are calling on all consumers to pause for thought before parting with their money or information and familiarise themselves with some the very straight forward steps they can take to protect themselves from falling victim.”

Top Tips for Shopping Safely Online

— Use secure websites. The website address should be ‘https’ before the purchase is made, indicating a secure connection.

— Use sites where a padlock symbol is shown beside the website address.

— Do not under any circumstances use public Wi-Fi when making payments – switch to 3G/4G on your phone if necessary.

— Independently visit the website of the online sales company as opposed to clicking on social media or pop-up adverts.

— Be cautious about claiming outrageous offers – if it sounds too good to be true it probably is
Stick to well-known websites or websites that you are familiar with or websites associated with high street retail outlets.

Consumers can a wealth of other advice on how to avoid fraud by visiting www.FraudSMART.ie