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Criminals steal €1.5 billion from EU credit cards

Posted on January 9, 2013 by Dissent

Nikolaj Nielsen reports:

EU citizens are losing some €1.5 billion every year as criminals siphon off their money through the fraudulent use of debit and credit cards.

A new report released on Monday (7 December) by the EU police agency Europol found that the thefts most often occur in the United States.

“The majority of illegal face-to-face card transactions affecting the European Union take place overseas, mainly in the United States,” noted the Hague-based agency.

Embedded security features on EU cards such as chips and pin technology are easily bypassed in the United States.

Criminals exploit the weaknesses in America because some US-based cash machines are not fully compliant to a global security standard based on chip technology, known as EMV.

Read more on EUObserver.

Related:
Europol: Payment Card Fraud in the European Union (pdf)


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