Bank of Greece warns of surge in instant credit transfer fraud

The Bank of Greece has issued a warning regarding a significant rise in banking fraud related to instant credit transfers. In 2025, the number of fraud incidents in this category increased by 95%, while the total value rose by 41%. Out of 764 million customer transactions totaling 1.3 trillion euros, the central bank recorded 9,830 fraud cases amounting to 17 million euros.

The rapid nature of these transactions—often executed in less than 10 seconds—makes it extremely difficult to recover funds once they are transferred. Technical analysis shows that 64% of these incidents involve the issuance of fraudulent payment orders following the theft of sensitive credentials, while 36% involve social engineering where the payer is manipulated into approving the transfer to a third party.

In contrast, fraud involving payment cards saw a decline in the first half of 2026. The number of card fraud incidents decreased by 23% and their total value fell by 14% to 10.6 million euros, despite a 9% increase in overall card transaction volume.