The total value of payment fraud in the European Economic Area rose to 4.2 billion euros ($4.9 billion) in 2024 from 3.5 billion in 2023, the European Central Bank said on Monday. In a statement, the ECB noted that while strong customer authentication continues to be effective, fraudsters are adapting their tactics.
The ECB's annual report highlighted that new types of fraud, particularly the manipulation of payers, were on the rise and would require new mitigation approaches.
