PORTUGAL Increase in Fraud YoY
Digitisation Results in E-Commerce Migration
Similar to many other European states, Portugal has seen a strong migration from cash to e-commerce, driven by the pandemic and associated lockdowns. This almost overnight change in customer spend has opened the door to fraudsters, who thrive in an environment that is not ready to answer the advanced threat.
Now that customers have been forced to migrate to these digital channels for their day-to-day banking, it is likely that the majority of them will stay there even in the post-pandemic world. This new way of banking and transacting requires a new approach to fraud prevention to ensure that the fraudsters cannot continue to create a new battleground in Europe.