AUSTRIA Increase in Fraud YoY
Continued Increases in Card Not Present and ID Theft
Austria has seen a continued increase in Card Not Present fraud since the early 2010s. The increase has been steadily rising and, in many regions, banks have not yet reached a point of critical mass to demand a change in approach. However, we are now seeing signs that this critical mass is being reached for many. This demands a change in approach from rules-based fraud solutions, and transformation to adopt industry-standard, analytics-based platforms, such as FICO Falcon Platform.
As with the rest of Europe, Austrian banks are being somewhat distracted by scams and retail threats, which are the immediate priorities in terms of loss and are ‘busting out’ in the plastics space with ID theft – where account takeovers and first-party fraud are prevalent.
Many banks are now looking to migrate from their legacy platforms that have been proven to be ineffective against the modern-day trends and to adopt enterprise wide platforms. This is allowing banks to resolve the immediate threat of scams and retail fraud, whilst providing a scalable platform to resolve plastics fraud as a fast follower, thus allowing the Austrian banks to deal with both threats and achieve a future framework, within a single strategic partnership.