Analytics software company FICO has unveiled its annual interactive European Fraud Map, showing that card fraud losses in UK hit GBP 671 million in 2018.
According to PR NewsWire, the data from Euromonitor International and UK Finance compares these losses against previous years and 18 other European countries. The UK's card fraud losses account for almost half of the EUR 1,616 million – GBP 1,400 million respectively – lost to fraud across the 19 countries in the map, representing the biggest fraud losses in Europe.
Moreover, an epidemic of high-profile data breaches is the primary cause of these record-breaking losses. Money laundering via mule accounts remains a challenge for banks, as well. FICO Card Compromise Manager provides real-time visibility into confirmed threats, identifies organised use of stolen data, and suggests the best course of action to mitigate losses.
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