Nearly 90% of card fraud cases are linked to the disclosure of users' personal data.
This was reported by Anna Dovhalska, Deputy Chairperson of the Board of GLOBUS BANK.
Referring to data from the NBU, she noted that in 2023, the amount of losses due to fraudulent use of payment cards exceeded 800 million UAH, which is more than 70% higher than the figures for 2022. Additionally, during the analyzed period, the number of suspicious transactions increased by 25%, exceeding 270,000.
The expert highlighted that the vast majority of "card" fraud cases are related to the Internet, under the guise of purchasing goods, paying for services, receiving "prizes," and so on. Online payment card fraud in 2023 accounted for over 83% of all recorded cases, while only 17% were attributed to fraud involving technical devices and ATMs or self-service terminals.
The banker detailed the protection systems used in payment cards to prevent unauthorized use. Primarily, this includes identity confirmation systems during transactions: using a personal code when logging into the mobile app, confirming purchase transactions, and money transfer operations through SMS with a one-time password or by re-authentication in the mobile app.
Additionally, there is a verified call from a bank operator in case of suspicious excessive activity on the card (but the bank operator will never request the disclosure of personal data).
Another important measure for more reliable protection is linking the phone number (SIM card) to personal data (in other words, voluntary strengthening of client identification).
"Setting aside the ingenuity of card criminals, it can be said that technically, payment cards are as protected, safe, and reliable as possible for their users. The main rule is to always follow: never disclose all the 'key' information about the card to anyone—number, expiration date, CVV code, login, and password for the banking app, or received one-time passwords," concluded Anna Dovhalska.
