Banking Day

Latest statistics from the European Association for Secure Transactions show losses due to card fraud at EU payment terminals have fallen to the lowest level since 2005, reports Finextra. In the first six months of 2018 there were total losses of â‚¬107 million, a 43 per cent drop. The biggest fall was in card skimming schemes, and the drop in card fraud is being put down to EMV chips and counter-measures such as geo-blocking, and better fraud monitoring and detection. However, brute force attacks are on the rise, with a 24 per cent increase in physical attacks such as ram-raiding or blowing up ATMs. Banking lobby UK Finance is pushing the idea of a levy on payment transfers to create a fund that banks could use to compensate victims of push payments fraud, reports Finextra. Statistics released by UK Finance show that, in the first half of 2018, British consumers lost Â£92.9 million because of this type of fraud. The UK's Payment Systems regulator has been working with banks and consumer groups to develop an industry code for reimbursing victims but one sticking point is what to do when a victim of an APP scam has met their requisite level of care, and so should be reimbursed, but no bank or other Payment Service Provider involved in the payment journey has breached their own level of care. UK Finance chief Stephen Jones suggested to the Treasury select committee that "a tiny levy on each payment" made in the UK could be a suitable measure resolve the deadlock.

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Foreign news: EU card fraud falls but ram raids rise, UK lobby group proposes payment tax

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