Europe: a new peak in card fraud losses - report

Monday 4 August 2014 13:21 CET | News

European card fraud losses for 19 European countries reached a notable EUR 1.55 billion in 2013, according to a report issued by the predictive analytics and decision management software company FICO.

Results show that UK experienced GBP 450 million in losses, the highest level since 2008 and both France and Greece had higher ratios of fraud losses to card sales, at 7 basis points (.07%). The fastest growth of card fraud losses in Europe occurred in Russia, where losses jumped nearly 28% since 2012.

The UK and France suffered 62% of the total fraud losses for the 19 countries in the fraud map, reflecting their higher rates of card usage, which make them targets for criminals. 10 of the countries saw a rise in fraud compared to 2012, while 9 stayed the same or saw reduced losses.

FICO’s European Fraud Map shows card fraud losses from 2006-2013 for 19 countries across 5 categories, including counterfeit fraud, card stolen and ID theft.

Country-specific information shows how fraud has evolved, and indicates new risks in such areas as ID theft, counterfeit cards and online fraud. Regional trends include the increase in Card-Not-Present (CNP) fraud online.

FICO fraud solutions help banks manage their enterprise-wide fraud challenges. FICO Falcon Fraud Manager is a card fraud management solution, and protects more than 2.5 billion payment cards worldwide.

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Keywords: Europe, card fraud, losses, peak, fraud map, fraud solutions, fraudsters, security, internet, analytics
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime