A new report takes stock of the most fraudulent means of payment. While bank cards and checks remain the most exposed, transfer fraud is on the rise. Explanations.
The Observatory for the Security of Means of Payment (OSMP) of the Banque de France published on Tuesday the latest figures on fraud on the means of payment used by individuals, businesses and administrations.
The total amount of the fraud was 596 million euros in the first half of 2022 for 3.5 million fraudulent transactions. A stable jug level compared to the first half of 2021.
1- The bank card
In concrete terms, the bank card is the most fraudulent means of payment, amounting to 208 million euros. 93.8% of fraudulent transactions are linked to the bank card, for an average amount of 63 euros.
But since payment by card is not only the instrument favored by individuals to pay, but also the one that is experiencing the strongest growth, the card transaction fraud rate drops further to reach 0.055% in the first half of 2022, its lowest level since 2016, explains the OSMP report.
Indeed, the security of bank card transactions has improved in recent years thanks to the generalization of strong authentication of these payments, in particular via the bank’s banking application.
Bank card: here is the new fraud that threatens your account
2- The check
For its part, the amount of check fraud reached 197 million euros. 3.1% of fraudulent transactions are linked to the use of a check, to an average amount of 1800 euros.
The check remains the payment instrument with the highest fraud rate, even if it is down 0.072%. It no longer represents, in fact, only 3.4% of payments, excluding cash, very far from the bank card (58.9%) or the transfer (16.8%).
3 – The transfer
On the other hand, with 166 million euros in fraud, the share of transfers increased markedly, to reach 28% of fraudulent amounts. Wire transfers represent only 1% of fraudulent transactions, but the average amount embezzled is staggering: 4738 euros. That’s 75 times higher than the average amount of credit card fraud!
The transfer fraud rate remains very low, but it is the only increase among the various means of payment, rising from 0.0007% to 0.0009% in the first half of 2022. According to the OSMP report, this phenomenon is explained by the development of fraud by misappropriation associated with social engineering or processes of manipulation, which affect both businesses and individuals.
In fact, in its 2022 annual report published last week, cybermalveillance.gouv.fr, the public body responsible for protecting victims of internet scams, noted that transfer fraud, or so-called false RIB , affects more and more individuals. Here’s how to protect yourself from this fashionable scam.
Another technique used by fraudsters to divert transfers to their advantage: impersonate a bank advisor and manage by telephone to convince his victim to strongly authenticate the addition of a trusted beneficiary or a transfer operation, underlines the OSMP.
The Observatory also notes that instant transfers represent only 2.7% of amounts transferred, but now 12% of amounts defrauded. Even on the rise, 0.052% in the first half of 2022, its fraud rate remains lower than that of the card.