Losses from Irish ATM fraud drops

A total of €20.4m was lost to fraud on Irish issued credit, debit and ATM cards in 2012, down from the €25.7m lost in 2011.

Losses from Irish ATM fraud drops

The Irish Payment Services Organisation (IPSO) said this reverses a trend which saw a 24% year-on-year rise from 2009 to 2011, and now a decrease of 21% in the value of fraud losses in 2012 card not present fraud ( fraud, where cards are used fraudulently on the internet, by mail order or over the phone) remains the biggest issue for the industry at 79% of the total fraud. Counterfeit and skimming fraud is next at 14% where cards are skimmed in Ireland and used to withdraw cash at ATMs abroad in countries where chip and pin has not yet been implemented.

Some 4% of the card fraud related to unauthorised sales on stolen cards where criminals shoulder-surfed while consumers keyed in their PINs at ATMs or in shops, before stealing the card, wallet or handbag, according to IPSO.

A total of €24.4bn worth of sales took place on credit and debit cards in 2012. The card fraud losses reflect a 0.08% portion of those sales. This is down by 3 basis points from a 0.11% fraud to sales ratio in 2011 when the turnover was €23.5bn.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up