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August 4, 2014

Russia and UK suffer highest growth in card fraud during 2013 – FICO

Russia and the UK have suffered huge rises in card fraud, with Brits' fraud losses nearing the peak levels experienced in 2008.

By Ellie Chambers

Russia and the UK have suffered huge rises in card fraud, with Brits’ fraud losses nearing the peak levels experienced in 2008.

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According to data commissioned by FICO from Euromonitor, losses from card fraud in 2013 were 27.6% up on 2012 in Russia, the highest growth rate in any European country.

Fraud losses were up 16% in the UK, at £405.4m ($689.7m), inching up towards the peak of £610m losses suffered in 2008.FICO said that UK fraudsters have changed tack since the roll out of EMV, going for the low-tech approach of stealing cards, demonstrated by a rise in card-not-present (CNP) fraud.

CNP fraud represented £301m or 66.8% of total card fraud in the UK last year, while in 2011 it represented 64.9%.

According to FICO’s data, Russia has experienced a 365% rise in fraud since 2008 and fraud levels are now nearly 10 times what they were in 2006.

Fraud also increased in Norway (7.8%), the Ukraine (7.3%), the Czech Republic (6.3%), Denmark (4.7%), Italy (2%), Sweden (1.9%), France (1%) and Portugal (0.8%).

The Netherlands, Hungary, Spain, Poland and Germany all managed to reduce card fraud, by 10.7%, 6.5%, 4.5%, 3.9% and 3.3% respectively.

The Netherlands reduced losses by 30% compared to peak fraud levels in 2008; an achievement FICO said was down to good practice in fraud detection and prevention.

Rates of fraud stayed level in Romania, Greece, Turkey and Austria.

Full results can be explored at: http://fico.com/landing/fraudeurope2013/

 

 

Related articles:

44% North American bankers expect a rise in credit cards debts – FICO

Philippines’ BDO Unibank selects FICO Falcon Fund Manager to prevent debit card fraud

Average credit cards spending in UK reaches 10-year high in December 2013: FICO

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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