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Payment service providers, sellers, and clients sustained nearly UAH 833 million ($21 million) in losses due to illegitimate card payments in 2023, marking a 73% increase from the previous year, according to the NBU.
The average amount of a single illegal transaction in 2023 was UAH 3,065 ($78), which is 39% higher than in 2022.
Additionally, the number of active credit and debit cards increased by 13% in 2023, indicating a higher usage of payment cards for transactions, the report adds.
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Card fraud most often occurred online, accounting for 83% of all cases. Meanwhile, only 17% involved physical devices (ATMs and self-checkout machines).
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The vast majority of cases were enabled through social engineering: 80% of fraudulent payments (compared to 53% in 2022) were made possible after clients were tricked into disclosing their personal information, allowing the fraudsters to seize control of their bank cards.
"Taking advantage of the war and the challenging situation of many Ukrainians, fraudsters skillfully adapt and manipulate peoples' emotions when they are most vulnerable, finding new schemes for deception," said the NBU.
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Read the original article on The New Voice of Ukraine
Section: Business
Author: Іван Борисенко
