FRANCE Increase in Fraud YoY
France Heading for Highest Fraud Rate in EU
France have managed to slow its ever-increasing CNP rates despite the pandemic. However, much of this was driven by a reduction in transaction volume for much of 2020. Despite this slowing in CNP, France still reported an increase of 6% in value lost to fraud and now sits just one basis point away from the top spot. We have predicted for several years that without a change in approach, France will soon become the highest loss driving nation in Europe, and if the current improvements in the United Kingdom and worsening position of France continues, this switch will occur in the next 2-3 years.
The formula for containing and reducing the CNP threat is well-proven throughout this report and many French institutions are looking at ways to adopt some of these processes, but transformation continues to be slow overall. France is relatively isolated from the rest of Europe in terms of its approach to fraud, and this is prevalent within the largest French banking entities with multi country footprints – other countries in the same group perform significantly better in terms of fraud prevention.
With a hardening of framework and an adoption of a consistent and proven approach to fraud prevention, France can easily turn this tide, but transformation needs to be quicker, and more complete.