The statistical report on Payment Fraud provides an overview of fraudulent non-cash payment transactions in Cyprus across the main payment services (a) credit transfers, (b) direct debits, (c) card payments, (d) e-money payments, (e) cheques, and (f) money remittances. Fraudulent payment transactions are analyzed by geographical area of the counterpart PSP, whereas card payments are further broken down by the initiation method (i.e. at a physical POS or online). The release also provides useful information on the application of strong customer authentication requirements to card payments.
Information is collected from all payment service providers (PSPs) licensed in Cyprus i.e. Credit Institutions, E-Money Institutions and Payment Institutions.
The report will be published on a bi-annual basis and is available in English and Greek.