Sharp decline in credit transfer fraud, Bank of Greece Reports

Fraud related to credit transfers in Greece fell sharply in 2024, dropping 55% in the number of cases and 51% in total value, according to the Financial Stability Review released last week by the Bank of Greece (BoG).

Data show that 5,032 cases of fraudulent credit transfers were recorded in 2024, compared to 11,214 cases in 2023. The total value of these fraudulent transactions decreased to €12 million, down from €25 million a year earlier. Overall, credit transfer transactions reached 687 million in 2024, with a total value of €1.2 trillion.

Fraud involving instant (debit) payments also fell significantly — down 54% in number of cases and 50% in value — after a sharp rise in 2023. Instant payments surged by 88% year-on-year to 63.3 million transactions, while their total value climbed 31% to €27.8 billion, up from €20.5 billion in 2023.

The central bank attributed the decline in fraud cases to enhanced security measures and tighter monitoring by financial institutions, alongside improved public awareness campaigns on digital payment safety.