The new report claims that the amount of customers experiencing fraud is constantly falling, despite the total value of transactions jumping up year on year. Transactions grew by 10.3% to €3.3trn annually between 2007 and 2011, while card fraud continued to decrease by 7.6% during this time.

ATM and point of sale fraud has experienced the biggest drop of all, with the report considering an improvement in security could be the reason for this. Just a fifth of all card fraud took place at ATMs in 2011, with a quarter carried out at POS terminals that same year. The ECB believes that the adoption of EMV is the main contributing factor to safer card usage.

Jeremy Gumbley, Chief technology officer at CreditCall, has commented on the ECB claims in the Eurosystem report: "EMV adoption rates have been staggered across the globe, due to the sheer scale of the project and technological hurdles that must be faced in implementation.

"The core goal of introducing EMV is to reduce payment fraud, though it is clear from the ECB figures that this goal will remain out of reach whilst regional 'loopholes' exist. The global nature of the payment chain means that the industry has no choice but to collaborate with a synchronised, cross-border approach to realise the global benefits of EMV."

Click HERE to see the full report.