Categories: Business

The Banque de France warns of the risks associated with checks

Means of payment fraud increased by 16.9% in volume and 5.4% in value in the first half of 2023, according to the Banque de France, which specifically warns against the fraudulent use of checks.

The Banque de France announced Thursday, January 25 “About 4.1 million fraudulent transactions, representing a total loss of 628 million euros, were recorded in the first half of 2023”. In terms of the overall increase in the volume of payments (+8%), the organization notes that this happens. Looking at these figures it seems so “Payment fraud grew 16.9% in volume and 5.4% in value in the first half of 2023”

Compared to the previous year.

Bank of France “Specifically Warns Against Fraudulent Use of Checks”. That said, the scale of these fraudulent operations appears minimal compared to the 16.1 billion transactions made by transfer, direct debit, card payment or even check during the same period. This is data collected by Payment Means Security Observatory (OSMP) which “Confirm the important security of card payments”.

Reduce electronic payment fraud rates

Held on January 17, the said observatory meeting, the first of its kind in its new format, mainly focused on “Fraud rates drop across nearly all card payment initiation channels”. Especially the observatory highlights ” The rate of internet payment fraud (J) continued to decline “, thanks for “Positive effects of strong authentication implementation to reach new historic low, at 0.153%”

. Another positive point noted: “The fraud rate on proximity payments by mobile has fallen sharply to 0.024%, which is close to the level of contactless payments by card”.

In the first half of 2023, the card presents “The French’s Favorite Means of Payment”, with 61.9% transactions. Because it represents 93% fraud by volume. it is ” The most defrauded payment method in value » With an amount of 256.5 million euros, or 42% of the defrauded amount, observatory details.

Still check the cheats at the top

Overall, the use of checks “Its slow decline continues” During this period only 2.8% transactions are recorded, but that “Payment instrument remains with highest rate of fraud”. For clarification, the observatory mentioned lost and stolen cheques. Of the total fraud reported across all payment methods, checks accounted for 29% and transfers for 24%.

To this end, the observatory’s new president recommends that financial institutions work to make checks more secure by simplifying protest procedures or ensuring that their holders pick up the books at banks instead of sending them through the mail.


Source link

Admin

Share
Published by
Admin

Recent Posts

100 million degrees for 48 seconds: South Korea’s ‘artificial sun’ moves closer to nuclear revolution

This is a new record that scientists from the Korea Fusion Energy Institute (KFE) have…

7 months ago

The report offers solutions for insurers facing future growth in natural disasters

Damages associated with drought, floods, hail and other increasingly violent events are expected to increase…

7 months ago

You still have time to claim this exciting investigation

An estimated 9 million people in the United States are still waiting for their final…

7 months ago

IDF recognizes “serious mistake” in killing seven members of NGO World Central Kitchen

The death of seven humanitarian workers from the American NGO World Central Kitchen in an…

7 months ago

Fortnite Shop Apr 3, 2024 – Fortnite

Today, at one o'clock in the morning, Gamer updates it Boutique de Fortnite Through the…

7 months ago

Sharon Stone tried to make a Barbie movie in the 1990s

The Basic Instinct and Casino actress looks back at a time in Hollywood when adapting…

7 months ago