UK Spike Pushes Card Fraud to New High

The effects of rising cybercrime and thefts of consumers’ data are evident in the card fraud rise in 2015 over 2014. The most severe rise was in the UK, which saw an 18% increase in card fraud losses, half of which came from ecommerce fraud.

This reflects a broader trend in card fraud across the 19 countries FICO studied for this report. Card Not present (CNP) fraud is the dominant fraud type across Europe. Europe pushed criminals towards CNP through the introduction of strong authentication for ‘face-to-face’ transactions with the rollout of chip & PIN.

The digital revolution also fueled this migration, creating an online funds exchange that was just too tempting to resist. Add into this mix the connected business landscape — more and more data including payment data is collected by more and more entities, creating new vulnerabilities for criminals to exploit.

Increase in Fraud YoY

Decrease in Fraud YoY

No Change in Fraud YoY

Data provided by Euromonitor International

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