Published by Global Banking and Finance Review
Posted on December 15, 2025
1 min readLast updated: January 20, 2026
The ECB reports a rise in payment fraud to 4.2 billion euros in 2024, despite strong authentication. New fraud types require updated mitigation strategies.
BERLIN, Dec 15 (Reuters) - 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.
($1 = 0.8517 euros)
(Reporting by Kirsti KnolleEditing by Ludwig Burger)
Payment fraud refers to illegal activities where individuals or groups deceive others to obtain money or goods through unauthorized transactions.
Strong customer authentication (SCA) is a security measure that requires users to provide two or more verification factors to access their accounts or complete transactions.
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, aiming to maintain price stability.
Fraud mitigation involves strategies and practices designed to reduce the risk of fraud and protect financial transactions from fraudulent activities.
Customer authentication is the process of verifying the identity of a user to ensure that they are who they claim to be, often used in banking and finance.
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