UNITED KINGDOM Decrease in Fraud YoY
Data provided by Euromonitor International
Leading the Fight against CNP Fraud
Don’t be misled by the UK’s high fraud basis points: This is the first market to have significantly reduced CNP fraud in many years.
The UK threat of CNP has been persistent and growing extensively over the past seven years. Through huge investment in innovation and R&D into the preventative platforms used by the UK banks, they have now turned the tide. Whilst this is a fantastic story for the UK, it should come as a significant warning to the other markets for the impending migration of attack. The 2017 reduction of 8% is impressive but expected to be even higher throughout 2018 with early indications via the Falcon Intelligence Network that more significant reductions are to come.
With over 90% market coverage in the UK, the FICO® Falcon Fraud Platform has been instrumental in achieving this uplift in performance. Much of this was achieved even prior to the 2017 release of CNP enhanced analytical models, which provide a 30% uplift in detection rates for CNP transactions.
This is a significant turning point in the global fight against CNP, with hundreds of millions of euros worth of fraudulent migration imminent. All other markets should be on high alert to receive this migrating attack and ensure that preventative mechanisms are deployed as soon as possible to stop themselves becoming the easiest target for criminals to hit.