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MNB on bank card frauds

Last year’s 6,171 cases of bank card fraud in Hungary caused a total of Ft 218 million damage to card holders and, to a lesser degree, commercial banks, according to the National Bank of Hungary (MNB).

On average, three out of 100,000 card transactions were fraudulent, causing a little over Ft 35,000 damage per transaction. Bank card scams typically used stolen or fake cards, which accounted for approximately 75% of the total damage in 2005. Interestingly, the rate of online scams remained stable at 7% over the past two years in spite of the growing popularity of Internet banking, with even a slight decrease in the amount of damage from Ft 20 million in 2004 to Ft 16 million a year later. (Magyar Hírlap)