ROMANIA Increase in Fraud YoY

A United Approach is Required to Turn Trends

Card-present fraud has almost disappeared from the Romanian market, yet CNP losses continue to rise at a rapid rate. A number of our partners in Romania (and other central European/Baltic states) have enterprise fraud prevention in place, yet the domestic market is shared by many entities and institutions are at various stages of advancement in their approach to fraud prevention.

Scams in Romania continue to emerge as a driving force behind fraud losses, with email compromise attempts often making headlines. Business email compromise largely results in losses on payment platforms, but various phishing scams often result in consumers compromising their card details or being tricked into paying ransoms for items such as usernames and passwords, and supposedly stolen intimate pictures.

Through their contributions to the FICO^® Falcon^® Intelligence Network, our Romanian partners are helping to pave the way for their peers in the region, and a collaborative effort and approach could help to flatten the CNP trend for the region.