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Payment card fraud: global trends and empirical evidence on Internet card fraud in Italy

Author

Listed:
  • Guerino Ardizzi

    (Banca d'Italia)

  • Elisa Bonifacio

    (Banca d'Italia)

  • Laura Painelli

    (Banca d'Italia)

Abstract

The expansion of retail trade at global level, spurred by online transactions (e-commerce), has led the European legislator to strengthen safety//security measures. This paper aims to assess the trend of card fraud in recent years, taking into account the latest regulations. After an extended period of growth, since 2016 the online fraud rate has recorded a decline in Italy and Europe. Empirical analyses of banks’ data carried out in Italy show that the decrease is correlated with successive improvements in anti-fraud measures over recent years. The paper also shows the main anti-fraud measures adopted by intermediaries (e.g. strong authentication and risk mitigation models) as well as protection mechanisms for customers in the event of fraud (e.g. exercise of the right to a refund within one day after filing the request), making it safer to buy online.

Suggested Citation

  • Guerino Ardizzi & Elisa Bonifacio & Laura Painelli, 2020. "Payment card fraud: global trends and empirical evidence on Internet card fraud in Italy," Questioni di Economia e Finanza (Occasional Papers) 562, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_562_20
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2020-0562/QEF_562_20.pdf
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    References listed on IDEAS

    as
    1. Ardizzi, Guerino, 2012. "The Impact of the Microchip on the Card Frauds," MPRA Paper 41435, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Cologgi, Massimiliano, 2023. "The impact of regulation on retail payments security: Evidence from Italian supervisory data," Finance Research Letters, Elsevier, vol. 54(C).
    2. Massimiliano Cologgi, 2023. "The security of retail payment instruments: evidence from supervisory data," Temi di discussione (Economic working papers) 30, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

    Internet; fraud; payment cards; card fraud rate; online transactions; security;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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