Online bank card fraud damages jump in Q2
The incidence and value of fraud cases related to online purchases made with bank cards were both up in the second quarter of 2018, compared to the corresponding period a year before, state news wire MTI cited the National Bank of Hungary (MNB) as saying.
The MNB said there were some 15,000 cases of bank card fraud involving domestically issued cards in the second quarter, causing a total of HUF 387 million in damages. Both the number of incidents and the damages were up by 50% compared to Q2 2017.
Most bank card frauds involved internet purchases, where the physical presence of cards was not necessary. Such cases accounted for more than 83% of all cases and all damages.
Bank card issuers suffered HUF 371 mln of damages, since a favorable regulatory environment means that card holders only had to cover 8% of the costs, MTI noted.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.