European Card Fraud for 19 Countries hit a record €1.8 billion in 2016. Fico has launched an interactive map with Euromonitor International shows that the UK had highest card fraud losses in 19 countries surveyed.
Report highlights include:
- Total card fraud losses for 19 European countries studied reached nearly €1.8 billion
- UK card fraud rose 9 percent in 2016, to £618 million
- Interactive online map from FICO and Euromonitor International compares fraud loss trends across the region
- The UK saw the highest losses at £618 million, a 9 percent rise over 2015, topping the previous peak in card fraud, set in 2008 after the introduction of chip and PIN.
UK card fraud losses in 2016 topped the previous peak in fraud, set in 2008. That has pushed the overall losses for the 19 countries covered in our European Fraud Map to another new height — even with the exchange rate changes over the past year due to Brexit.
Card not present (CNP) fraud has gone from 50% of gross fraud losses in 2008 to 70% in 2016. This major swing brings new challenges for banks and retailers, as criminals thwarted by chip & PIN have moved to a less risky channel and took advantage of online payment trends. Hiding amongst the growth in online purchases is great from a criminal point of view, but finding and stopping fraudulent transactions just gets tougher.
Spotting the “needle in a haystack” in banking frauds and new trends requires new behavioural analytics and the use of machine learning, combined with enhanced information from outside the traditional data contained within a purchase. Leveraging innovations such as mobile analytics will allow us to spot the criminals without hindering people making purchases.