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Ukrainian banks losses decreased.

Kyiv: In contrast with 2016, losses of Ukrainian banks incurred from illegal payment card transactions decreased.

This positive trend is seen for the first time since 2015. Director of the NBU Payment Systems and Innovative Development Department Oleksandr Yablunivskyi reported to this effect at the press briefing on Statistics and Trends of Payment Fraud in 2017: Outcomes of the National Program for Security of Cashless Settlements Safe Card in Ukraine.

Oleksandr Yablunivskyi said, "In 2017, the figure was 0.0077% of the total payment card transactions (in 2016 - 0.011%). Thus, for each million of card debit operations illegal transactions accounted for 77 hryvnias, while in 2016 the respective amount was around 110 hryvnias. In general, at average each illegal transaction in 2017 accounted for UAH 2,100."

The last year of 2017 was noted for a boost in illicit actions/ suspicious operations transacted on-line. Oleksandr Yablunivskyi explained that this trend could be attributed to the shift in defrauders' focus from technical methods of fraud to human error thus compelling all market players to take actions for promoting financial literacy of payment card holders. At the same time, payments in retail stores are turning into one of the most secure payment card operations (in contrast to losses incurred by card holders and banks due to ATM and on-line operations).

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 7, 2018
Words:219
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