France has overtaken the UK in the highest number of card fraud losses in Europe, according to a report by analytics provider FICO.
According to the data, European card fraud losses were 6% higher than in 2011, with France, Russia and the UK making up more than 80% of this increase. France alone made up nearly half of the total increase, with its overall fraud losses growing by 65% between 2007 and 2012.
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UK card fraud levels were 36% lower than at their peak in 2008, despite a 14% rise last year.
Fraud loss in Russia has grown the fastest with the levels reported in 2010 tripling by 2012.
Martin Warwick, FICO’s fraud chief for Europe, said: “Any successful reduction in fraud, like that driven by Chip & PIN, typically results in criminals changing their modus operandi to find a different weak spot, and fraud levels start to climb again.”
“In addition, clamping down on fraud can help banks minimise losses but can also result in a more frustrating customer experience, as shoppers’ cards may be blocked unnecessarily. When the negative impact on customers outweighs the benefits of tighter fraud prevention methods, banks relax their controls, inevitably leading to another rise in fraud.”
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By GlobalDataThe European Fraud Map 2013 shows card fraud amounts for 21 countries. It spans from 2006 to 2012 and features five categories that include counterfeit fraud, card stolen and ID theft. Data was supplied by global strategic market intelligence provider, Euromoniter International.
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