Credit card fraud causes HUF 322 million in damage in second quarter
In the second quarter of 2021, credit card frauds with domestically issued payment cards caused just over HUF 322 million in damages, the National Bank of Hungary (MNB) said in a report, according to a report from the MTI state news wire.
The number of fraudulent incidents in the second quarter was less than 13,000.
The number of frauds and the value of losses caused decreased by 34% and 17% respectively compared to the second quarter of 2020, the majority of which was related to online shopping transactions.
MNB noted a major improvement in this area, mainly due to the strong customer authentication already applicable in the case of online card payments.
The number of fraudulent transactions and the amount of losses caused remain insignificant compared to the total turnover of payment cards.
The number of forint accounts was around 9.4 million and the number of foreign currency accounts was around 1.1 million at the end of the second quarter. The number of accounts receivable held primarily for payment purposes remained close to 6.8 million.
At slightly below 9.8 million, the number of payment cards issued in Hungary was broadly unchanged at the end of the period. The share of contactless cards in all payment cards is stable above 92% and that of cards used for purchase transactions is over 66%, an increase of almost 2 percentage points per year. report to the previous quarter.
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