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.