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The Use of Payment Cards and the Prevention of Payment Card Fraud in Europe and Bulgaria

Author

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  • Silvia Parusheva

    (UE Varna, Bulgaria)

Abstract

Payment cards are the primary and most widely used electronic payment instrument for retail pay­ment in Europe. Their relative importance among other payment tools is paramount. The analysis of ECB data shows that their use over the studied 14- year period of 2000-2013 is growing steadily both in absolute and in relative terms. At the same time, the issue of the security of payment card transactions remains relevant. Fol­lowing a certain reduction in the number and total value of payment card fraud in the years after their peak in 2008, they started to grow again in 2012. The primary type of fraud is the card-not-present type, which forms the majority of the total transac­tion value. There are different approaches possible to tackle this issue and a primary one is to make use of two-factor authentication of users available, especially in e-commerce. The importance of fraud committed through ATMs and POS devices decreases thanks to the almost complete migra­tion towards using chip cards in accordance with the EMV standard, which has established itself as the main counter-measure for card-present fraud. Despite the relatively weak development of the card market in Bulgaria, the significance of card fraud should not be underestimated. Legislative amendments are strongly advised in order to en­sure a reliable collection of data for their number and value and to help further with their effective counteraction

Suggested Citation

  • Silvia Parusheva, 2015. "The Use of Payment Cards and the Prevention of Payment Card Fraud in Europe and Bulgaria," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 99-113, December.
    • Handle: RePEc:nwe:iisabg:y:2015:i:4:p:99-113
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    More about this item

    Keywords

    payment cards; card fraud; cardnot-present fraud; EMV; two-factor authentication;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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