ECB: Payment fraud rises to 4.2 billion eur in 2024, strong authentication remains effective

ECB: Payment fraud rises to 4.2 billion eur in 2024, strong authentication remains effective | Global Banking & Finance Review | GBAF

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Home > Headlines > ECB: Payment fraud rises to 4.2 billion eur in 2024, strong authentication remains effective

Headlines

ECB: Payment fraud rises to 4.2 billion eur in 2024, strong authentication remains effective

Published by Global Banking and Finance Review

Posted on December 15, 2025

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Tags:payments Fraud Financial crime security

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)

Frequently Asked Questions about ECB: Payment fraud rises to 4.2 billion eur in 2024, strong authentication remains effective

1What is payment fraud?

Payment fraud refers to illegal activities where individuals or groups deceive others to obtain money or goods through unauthorized transactions.

2What is strong customer authentication?

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.

3What is the European Central Bank?

The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, aiming to maintain price stability.

4What is fraud mitigation?

Fraud mitigation involves strategies and practices designed to reduce the risk of fraud and protect financial transactions from fraudulent activities.

5What is customer authentication?

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.