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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.