ITALY Increase in Fraud YoY
Card-Not-Present Fraud Nearly Doubles In Four Years
As stated with the other Western European countries, Italy has been relatively slow in reacting to the ever-increasing threat of Card Not Present (CNP) fraud, with losses now having almost doubled since 2015. Second only to France, Italy has seen the largest fraud increase across Europe, as measured in amount lost. Many of the Italian banks continue to rely more heavily on rules-based solutions, which will never provide the required levels of performance. Fraudsters have surpassed the frameworks that are still relied upon by so many entities and change must come.
Unlike many other states, Italy has a very simple solution to turn the tide — adopt machine learning and use the consortium intelligence and collaboration at its disposal. Many financial entities in Italy have begun adopting FICO® Falcon® Platformand are now on the path to resolving this threat. With the combined power of enterprise fraud and analytics based on machine learning and consortium data which are standard for so many, Italy could soon turn this tide and force the CNP threat from its borders once more.