Germany: credit card fraud registers rise for 2014

Monday 11 May 2015 09:10 CET | News

Credit card fraud has increased in 2014 in Germany, a recent report unveils.

According to a research conducted by FICO, in a sample of 7.5 million active cards issued in Germany, FICO found that losses due to fraud increased by 17% from October 2013 to September 2014. This growth outstripped the growth in total card purchases, which rose just 5%. The number of successful fraudulent attempts has risen by as much as 30%, while total authorised transactions rose just 8%.

Findings indicate that the trends driving card fraud higher were card-not-present (CNP) fraud, which includes online card purchases, and cross-border card fraud. CNP fraud accounted for around 70% of the card fraud seen in the FICO sample, and cross-border fraud accounted for 80%. While most German-issued cards have chips, chip transactions accounted for only 10% of the fraud.

The study shows that criminals favoured travel-related purchases: travel agencies and tour operators (16.1%), airlines in general (4.5%), as well as hotels and other accommodation (3.1%) all together report around one quarter of fraud losses.

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Keywords: fraud prevention, web fraud, online security, card fraud, debit card, credit card, Germany, payment fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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