In a Pandemic, UK Led European Fraud Reduction
2020 has been an incredibly challenging year across the globe, with a rapidly changing mix of customer demands, a volatile staffing and servicing model, and a need to drive transformation quicker than ever before. Despite this ever-changing set of priorities and demands, several countries across Europe have significantly improved their fraud prevention performance in 2020, achieving a second consecutive year of reduction.
The standout performance was once again achieved by the UK with a 7% reduction of £46M (close to €70M of relative value), with Denmark also posting a sizable reduction (~€21M of relative value). Unfortunately, continued increases in France, Germany, Poland and a significant attack in Norway have led to an additional €33M of fraud losses, leaving Europe with a net reduction of €62M.
Whist it is incredibly positive for so many countries to have controlled and even achieved significant gains through such a challenging period, more needs to be done across the other European states to drive a truly collaborative reduction in all areas.
Increase in Fraud YoY
Decrease in Fraud YoY
No Change in Fraud YoY
Data provided by Euromonitor International
Follow fraud trends and insights worldwide
The FICO Blog features the latest thinking from our experts on fraud, cybersecurity and other issues. Subscribe to the blog to get updates on new technologies and trends.
5 essentials to look for in a platform to fight fraud and financial crime
To combat ever-escalating crime, financial institutions require the effective,
unified technology for detecting and investigating fraud, ensuring regulatory
compliance and centralized decision making. This paper outlines the five essential
considerations to ensure your organization chooses an approach that will protect your
customers and your assets, while being efficient and effective.