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Credit card fraud causes HUF 322 mln of damages in Q2

Figures

In 2021 Q2 credit card frauds committed with domestically issued payment cards caused slightly more than HUF 322 million of damages, the National Bank of Hungary (MNB) said in a report, according to a report by state news wire MTI.

The number of fraudulent incidents in the second quarter was less than 13,000. 

The number of frauds and the value of losses caused fell by 34% and 17%, respectively, compared to 2020 Q2, the majority of which was related to online purchase transactions.

MNB noted there was a major improvement in this area, mainly due to strong customer authentication already applicable in the case of online card payments.

The number of fraudulent transactions and the value of losses caused continued to be insignificant compared to the total payment card turnover.

The number of forint accounts was around 9.4 million and that of foreign currency accounts stood at some 1.1 million at the end of Q2. The number of customer accounts held primarily for payment purposes remained close to 6.8 million. 

At slightly below 9.8 million, the number of payment cards issued in Hungary was broadly unchanged at the end of the period. The share of contactless cards within all payment cards was stable above 92%, and that of cards used for purchase transactions was above 66%, showing a nearly 2 percentage point increase compared to the previous quarter.

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