Bank card fraud causes HUF 322 mln of damages in Q2

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In 2021 Q2 bank card frauds dedicated with domestically issued fee playing cards induced barely greater than HUF 322 million of damages, the Nationwide Financial institution of Hungary (MNB) stated in a report, based on a report by state information wire MTI.

The variety of fraudulent incidents within the second quarter was lower than 13,000. 

The variety of frauds and the worth of losses induced fell by 34% and 17%, respectively, in comparison with 2020 Q2, the vast majority of which was associated to on-line buy transactions.

MNB famous there was a significant enchancment on this space, primarily on account of robust buyer authentication already relevant within the case of on-line card funds.

The variety of fraudulent transactions and the worth of losses induced continued to be insignificant in comparison with the whole fee card turnover.

The variety of forint accounts was round 9.4 million and that of international forex accounts stood at some 1.1 million on the finish of Q2. The variety of buyer accounts held primarily for fee functions remained shut to six.8 million. 

At barely beneath 9.8 million, the variety of fee playing cards issued in Hungary was broadly unchanged on the finish of the interval. The share of contactless playing cards inside all fee playing cards was secure above 92%, and that of playing cards used for buy transactions was above 66%, displaying a virtually 2 proportion level enhance in comparison with the earlier quarter.

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