Greece’s payment fraud levels remained below the EU average in 2024 across most transaction types, according to ECB and EBA data. Credit: Wikimedia Commons / HLundgaard / CC BY SA 3
Greece’s payment fraud levels remained below the European Union average in 2024 across nearly all major transaction categories.
According to data from the European Central Bank and the European Banking Authority, the country recorded lower fraud rates and smaller absolute losses in credit transfers, direct debits, payment cards, and cash withdrawals, highlighting the resilience of its payment ecosystem.
Electronic money, including prepaid cards, was the only area where Greece exceeded the EU average. Even so, losses in Greece amounted to €265,648 ($311,953). EU-wide losses totaled nearly €102 million ($119 million).
Credit transfers and direct debits remain highly secure
Fraud in credit transfers remained rare within Greece’s payment fraud landscape in 2024. The fraud rate by value stood at 0.001 percent, in line with the EU average, while total losses reached €12.17 million ($14,29 million), versus €2.52 billion ($ 2,9 billion) across the EU. In volume terms, Greece recorded just over 5,000 fraudulent transactions, representing 0.001 percent of all credit transfers and roughly half the EU rate.
Direct debits continued to show exceptional resilience. Greece recorded zero fraudulent transactions, while fraud across the EU reached €112.1 million ($ 131 million) in value and nearly 74,000 cases. Although several member states posted similarly clean results, Greece remained among the countries with no recorded incidents, underlining strong safeguards in this segment.
Card fraud well below european levels
Payment cards, which are typically among the most fraud-exposed instruments, also showed favorable results in Greece. The fraud rate reached 0.017 percent, nearly half the EU average of 0.033 percent. Losses amounted to €11.33 million ($13,30 million), compared with €1.29 billion ($1,5 billion) across the EU.
By volume, Greece recorded approximately 212,000 fraudulent card transactions, representing 0.009 percent of total card activity, again well below the EU average. France accounted for the highest number of card fraud incidents and the largest monetary losses, reflecting the size and intensity of its market rather than weaker controls.
Cash withdrawal fraud remains limited
Cash withdrawals also contributed positively to Greece’s payment fraud profile. The fraud rate stood at 0.003 percent, roughly one-third of the EU average. Losses totaled €1.13 million ($1,5 million), compared with €135.74 million ($158 million) at the European level.
In transaction terms, Greece recorded just over 2,300 fraudulent cash withdrawals, or 0.002 percent of total withdrawals, again less than half the EU average. Denmark and France reported the highest fraud rates by value and volume respectively.
Electronic Money: Higher rates, minimal financial impact
Electronic money was the only category where Greece’s payment fraud rates exceeded the EU average. The fraud rate by value reached 0.055 percent, compared with 0.018 percent across the EU, while the fraud rate by volume stood at 0.028 percent.
Despite these higher ratios, the financial exposure remained modest. Total losses in Greece amounted to €265,648 ($311.953), a fraction of the €101.94 million ($118 million) recorded across the EU. Luxembourg reported the highest fraud losses in this category, while Greece’s higher percentages reflect transaction patterns rather than material systemic risk.
Payment fraud rising across Europe
Across the European Economic Area, total payment fraud rose to €4.2 billion ($4,9 billion) in 2024, up from €3.5 billion ($4,1 billion) in 2023 and €3.4 billion ($3,9 billion) in 2022. However, the overall fraud rate remained broadly stable at around 0.02 percent of total transaction value.
Regulators attribute this stability in part to the introduction of Strong Customer Authentication in 2020. Data covering the 2022–2024 period confirm that enhanced identity verification continues to play a key role in limiting fraud, particularly in digital and card-based payments.
A resilient payment environment
Industry sources note that Greece’s payment fraud performance continues to compare favorably with European peers across all major instruments.
While fraud risks continue to evolve, the 2024 data suggest that regulatory frameworks, technological safeguards, and banking controls are delivering measurable and consistent results.
For consumers and businesses alike, the figures point to a payment environment that remains resilient, even as absolute fraud volumes across Europe continue to rise.