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The ECB recently published its annual card fraud report for 2021 which shows CNP fraud at its lowest levels since records began and a 12% reduction on the previous year. The report points to the implementation of strong customer authentication (SCA) under the revised PSD2, which suggests CNP fraud should now be even lower due to the staggered implementation of SCA across the EU bloc and as issuers globally are increasingly adopting revised 3DS 2.3 protocols.