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Online Fraud Prevention in Nordics

Ecommerce fraud and online fraud prevention in Nordics

Read below about payment fraud, online fraud and fraud prevention Nordics


Unpicking the fraud factor and regulatory environment

Owing to mandates and compliances, the Nordics experienced a 1% increase in transaction denial rates (transactions denied due to confirmed fraud), as genuine transactions are filtered from fraudulent transactions. This also resulted in a drop in fraud attempts by 0.1%. This was driven by a 3% increase in denial rates for domestic transactions – meanwhile, cross-border transactions experienced a 1% increase in approval rates, with more genuine transactions coming through.

As mobile devices are used by shoppers more and more often, fraud attempts increased by 2%, driven by cross-border transactions which experienced a 4% increase in fraud attempts. Meanwhile, desktop devices still dominate Nordic ecommerce transactions. This payment channel experienced a drop of 0.5% in fraud attempts, with chargebacks remaining flat and negligible H1 2022 vs H1 2021.

Overall, the travel sector experienced a 2% increase in transaction approval rates, with cross-border transactions experiencing 98% acceptance rates. With more genuine transactions coming through, it further experienced an overall drop of 2% in fraud attempts.

Similarly, the retail sector experienced a 1% increase in fraud attempts. As inflated prices are reducing a shopper’s purchase volumes but increasing their basket values, fraudsters are trying to utilise the opportunity. The 1% increase in fraud attempts is, majorly influenced by cross-border transactions.