EVOLUTION OF CARD FRAUD IN EUROPE 2017
Despite Improvements in Key Countries, Card Fraud Continues to Grow
Markets across Europe have made significant gains in the fight against plastic fraud, specifically in France and the United Kingdom, which achieved 6% and 8% reductions. Despite this, losses across the EMEA region grew by €30 million.
The threat of card not present (CNP) fraud continues to be a key battleground for banks and retailers, as we now see a global migration of fraudulent activities. In the UK, we have seen a continued growth in online card utilisation but reduction in the success of fraud perpetrated within the channel. This has forced the fraudsters to migrate their efforts to new markets, with Austria, Denmark, Norway, Sweden, Poland and Russia all seeing an escalation in losses.
As well as this migration, we are also seeing an evolution of fraudulent exploitation using the cyber-enabled crimes. The total size of the cyber-enabled threats will come to the fore as PSD2 reporting comes into play across Europe, but early indications from the UK are that cyber-enabled, digital fraud (direct payments / compromises via internet and mobile banking) look set to overtake plastic fraud by 2020 if current trends continue.
Increase in Fraud YoY
Decrease in Fraud YoY
No Change in Fraud YoY
Data provided by Euromonitor International
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