The OSMP reveals the figures for the first half of 2024 on payments in France.

The Observatory for the Security of Means of Payment (OSMP) published its biannual analysis on the use of scriptural payments and the state of fraud in France. The figures announced for the first half of 2024 are consistent and reinforce previous trends. The OSMP highlights in particular the good results of the instant transfer from any point of view, so as to reassure emerging actors like Wero.

FACTS

• This week, the OSMP held its first half 2024 data presentation conference on the use of scriptural means and associated fraud.

• The report confirms several underlying trends on both topics, firstly with an increase in innovative payments and a decrease in cheque usage:

  • The use of the card increased with a 5.4% increase in card payments, with a very strong 61% increase in mobile payments compared to the first half of 2023.

  • The instant transfer is also growing rapidly and shows a 70% increase in the number of transactions in TBS Inst. It now accounts for 9 per cent of total transfers over the period.

  • On the other hand, the cheque fell by 17% compared to the first half of 2023.

• On the fraud side, the amount is estimated at EUR 584.6 million in the first half of 2024. A decrease of 1% from 2023 but offset by a 12% increase in the number of fraudulent transactions (3.9 million in the first half of 2024).

• If the card is the most fraudulent means of payment in terms of amount (43%), the transfer passes second of the ranking with 29% of the total amount of fraud. For its part, the cheque represented 25% of the amount of fraud in the first half of 2024.

• Unsurprisingly, proximity payments and B2B payments remain the most secure payments, while distance payments retain a high level of vulnerability, despite an overall decline.

ISSUES

• The return of a long work against cheque fraud: With regard to cheque fraud, the figures for the first half of 2024 are encouraging. They are explained in particular by long-term actions recommended by the OSMP on the processing of cheques, the securing of the methods of sending them, or the improvement of the processes of opposing checks. Thus, after a slight increase in 2023, the rate of cheque fraud was set at 72 euros per 100,000 euros of payment. In addition, 40% of attempted cheque fraud is thwarted by detection methods.

• A device ready to support instant transfer: It also highlights the stabilization of the fraud rate for instant transfer. Despite a strong breakthrough in usage, the latter remains more secure than the card. Measures such as verification of the beneficiary or preventive companions against manipulation will therefore help to reassure and protect users.

PERSPECTIVE

• The Commission had already communicated on growth of innovative payment solutions like mobile payment or instant transfer. Developments show that France is increasingly turning to electronic and digital solutions, at the expense of more traditional methods such as cheques.

• A trend which is expected to increase in the coming years with the expansion of Wero in France and in Europe, or ECB digital euro project.

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