EBA and ECB Report: SCA Slashes Payment Fraud, but Non-SCA Transactions Still a Major Risk
Wednesday, August 28, 2024
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Posted by: Sierra Lindemann
A joint report by the European Banking Authority (EBA) and the European Central Bank (ECB) reveals that payment fraud across the EEA amounted to €4.3 billion in 2022 and €2.0 billion in the first half of 2023. The report highlights the significant impact of strong customer authentication (SCA) in reducing fraud, with non-SCA transactions, particularly card payments outside the EEA, showing fraud rates 10 times higher. The findings underscore the effectiveness of SCA introduced under PSD2 in combating payment fraud.
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