PORTUGAL Increase in Fraud YoY
Portugal Fails to Respond to New Threats
Whilst the pandemic initiated a shift from cash to e-commerce in 2020, Portugal saw this change become firmly established in 2021. Card present fraud seems to have all but disappeared, and CNP accounts for 95% of Portugal’s overall losses. Threat levels increased significantly in Portugal throughout 2021, and the country has moved from the bottom end of the basis points table into the middle, with a similar basis points value to Norway.
It seems that Portuguese banks have been unable to respond to this increase in threat, and they posted the second largest percentage increase in fraud losses out of the 18 countries studied. Without a fresh approach and investment in technology and the fraud strategy workforce, Portugal could see losses escalating further as more digital channels are opened up.