DENMARK Decrease in Fraud YoY

Denmark Shows Us the Future Face of Fraud

Denmark was 2021’s top performer in terms of percentage decrease to overall fraud losses. Reductions of -19% in overall fraud losses and -24% in CNP fraud losses are hugely significant, and even though we are seeing a similar story in Sweden and the UK, Denmark is unique in terms of the speed at which losses are taking a downward trajectory.

The Danish financial sector is arguably one of the most advanced in the world, with online banking penetration rates reaching 95% in 2020 – 28% higher than the average for the EU. They continue to innovate in the digital payment landscape, and this has accelerated their ‘Digital First’ approach in terms of both the day-to-day payment landscape and their approach to fraud prevention. Whilst many banks have enterprise fraud protection frameworks in place and are championing the use of consortium-based payments and scams analytics, adoption is not universal across the region and fraudsters are quick to adapt and exploit customer vulnerabilities and circumvent weaker fraud control systems.