AUSTRIA Increase in Fraud YoY
Card Not Present Grows with E-Commerce Adoption
As in many European countries, the pandemic has driven a significant increase in adoption of remote and contactless payment methods in what has traditionally been more of a cash market. As mentioned previously, these are not new behaviours or customer demands but the pandemic has escalated this demand significantly. Despite a strong performance reported from our partners in region, more can be done as an industry to stop this slow increase and to strengthen the resilience of the fraud prevention frameworks through better collaboration between all entities in region and a real investment in hardening the control frameworks required.
As mentioned in prior years, rules-based platforms are commonplace here; it’s becoming ever more important to adopt industry-standard, analytics-based platforms, such as FICO Falcon Platform. Whilst this may not be the urgent threat that many wait for, the values lost to fraud will continue to escalate and distil to the last few remaining entities who are yet to undertake the required digital transformation.