SPAIN No Change in Fraud YoY
A Good Story of Containment — But More Consistent Reporting Is Required
Similar to many other European states, Spain has seen a significant 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 many fraudsters who thrive in an environment that is not ready to answer the advanced threat. However, despite this mass migration of consumer behaviour and fraudulent attack, Spain is now the only country in Europe not recognising CNP as a major threat, suggesting a need for more consistent reporting of loss.
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 that we look forward to. 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 and once reporting is made more consistent, it is certain that Spain will see a rapid rise up the rankings for losses.