A report by European law enforcement agency Europol has found that organised crime groups earn EUR1.5bn from card fraud although there has been in decrease in recent years as technological advancements have increased the security of transactions.

The study, produced to coincide with the opening of the new European cybercrime centre, said that the widespread adoption of EMV has driven down card-present fraud in Europe, but card-not-present transactions have gone up to around 60% of all losses totalling EUR900m.

The difficulty Euorpol found was that, with so much fraud coming from credit card information and bank account credentials traded on the internet’s underground economy, breaches frequently occur outside the EU and involve numerous parties.

The organisation hope that the establishment of a specialised cybercrime centre payment card fraud can be further reduced in the future.

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