Bank of Greece: fraud in instant payments increased 95% in 2025
A 95% surge in fraud cases involving credit transfers in 2025, according to the Bank of Greece. The speed of instant payments makes fund recovery impossible.
Surge in fraud in instant credit transfers — the Bank of Greece calls for stricter security measures
Fraud cases in instant credit transfers nearly doubled in 2025, according to the Financial Stability Report of the Bank of Greece, as reported by In.gr. The figures show an intensification of risk that the Bank of Greece links directly to the growing volume of instant payments and their structural characteristics.
The fraud numbers
In 2025, 9,830 fraud cases in credit transfers were recorded, with a total value of 17 million euros — compared to 5,032 cases valued at 12 million euros in 2024. This corresponds to a 95% increase in the number and 41% increase in the value of cases.
The total volume of transactions involving credit transfers reached 764 million in 2025, valued at 1.3 trillion euros — a 11% increase in number and 5% increase in value compared to 2024. The average value per transaction fell by 6%, to 1,670 euros from 1,770 euros.
Why speed becomes a problem
The Bank of Greece emphasises that the upward trend in fraud is directly linked to the nature of instant payments: transaction execution in less than ten seconds means the amount is credited immediately to the beneficiary, without a value date. This makes fund recovery extremely difficult — if not impossible — in the event of fraud.
Two main methods of operation
Analysis of the cases reveals two dominant techniques. In 64% of cases, the perpetrator illegally obtains sensitive payment data — codes or account details — and issues a payment instruction without the knowledge of the legitimate account holder. In the remaining 36%, the payer themselves provides consent, mistakenly believing they are transferring money to a legitimate beneficiary — a technique known as payer manipulation.
Payment cards: opposite trend
In contrast to credit transfers, fraud cases involving payment cards in the first half of 2026 recorded a notable decline. The number of fraudulent transactions fell by 23% on an annual basis, whilst the corresponding value decreased by 14%, to 10.6 million euros from 12.3 million euros in the first half of 2025.
The total number of card transactions increased by 9% on an annual basis, reaching 1,438 million, with a value of 60 billion euros — a 5% increase.
In June 2026, the number of debit cards stood at 19.2 million (a 2% decrease), whilst credit cards reached 3.5 million (a 3% increase). Prepaid cards showed a particular increase — of around 40% compared to December 2025 — reaching 4.1 million. The Bank of Greece attributes this increase mainly to the transfer of certain state financial assistance via special prepaid cards.
Remote transactions: the main target
From the distribution of card fraud cases by channel, it emerges that the overwhelming majority involve remote transactions without physical card present (card-not-present — CNP). In the first half of 2026, 130,898 such fraudulent transactions were recorded, compared to 21,180 at POS terminals and 2,108 at ATMs. Compared to the first half of 2025, the number of CNP fraud cases fell by 26% and ATM transactions by 24%. Most CNP cases involve transactions via the internet.
Direct debits and IRIS
Direct debits remain the safest payment method: in 2025, payment service providers reported no fraud cases. Related transactions totalled 39 million — a 11% increase — valued at 6.5 billion euros (a 3% decrease).
The IRIS service is recording rapid growth: in the first half of 2026, 79.5 million transactions were carried out, from 51.6 million in the second half of 2025 — an increase of 54%. The majority of these involve instant transfers between individuals (P2P): 69 million transactions valued at 3.8 billion euros in the first half of 2026, from 43 million in the previous half-year. The Bank of Greece characterises this development as indicative of the expanding use of instant payments in the country.
Source: In.gr