Online bank card fraud damages jump in Q2

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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.

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