Central Bank of Cyprus report highlights rise in card payment fraud

Irena Prodromou, writing for the Central Bank of Cyprus, published a study titled 'Status of card payment fraud in Cyprus: causes, impacts and mitigation strategies.' The report identifies card payment fraud as a growing threat both in Cyprus and across the European Union. Data for the first half of 2025 indicates that Cyprus has the second-highest frequency of card usage in the euro area, following Portugal. Consequently, card payments accounted for 92% of total fraud incidents in Cyprus during this period, compared to 81% in the broader euro area. The study attributes this trend to the prevalence of online payments and an increase in data breaches. These breaches lead to the theft of personal and card information, which are then sold or utilized by criminals for automated fraud schemes. The findings align with the European Banking Authority's 2024/25 Consumer Trends Report, which expresses widespread concern regarding this evolving criminal landscape.