CZECH REPUBLIC Increase in Fraud YoY
A Steady Increase That Shows No Signs of Slowing
Many central European countries like the Czech Republic have seen a steady and consistent migration and growth of Card Not Present (CNP) fraud, which has been sustained since our tracking began. Whilst these increases have had smaller economic impacts in the early years, the cumulative impact of fraud and the associated criminality is now becoming difficult to ignore.
The story across these regions is common – transformation of the fraud ecosystem will bring significant benefits to the industry. Rules-based systems remain commonplace and where analytics are deployed, they are largely rudimentary and bring no collaborative differentiator, such as a European data consortium. These frameworks are simply unable to meet the challenge of containing the continued migration of threat. Fraudsters will continue to migrate to the most lucrative regions and as other countries fast-track their transformation, these increases will continue to gather momentum in the laggards. It is essential that transformation is fast and effective to remove this threat.