UNITED KINGDOM Decrease in Fraud YoY
Another Sharp Reduction as UK Posts the Region’s Best Overall Performance
After the uncharacteristic rise in 2018, the banks of the UK have posted the best net reductions of the 18 countries in this report.
We reported last year that the increase seen in the UK was down to sheer volumes, coupled with multiple large-scale data compromises, but behind these figures were some of the best prevention rates reported. Whilst compromise events have continued, they have not been at the same scale and ferocity as those seen in 2018, which has given these prevention rates the opportunity to come to the fore.
This success has offered the banks the opportunity to focus on continuing to strengthen and improve their ecosystems, taking the learnings from the 2018 spikes to better control future compromises, and take the next steps forward to further improve Card Not Present (CNP) protection.
FICO is proud to continue to partner with the vast majority of banks in region in continuing to improve upon this performance. Several of the UK banks have been the first to trial FICO® Falcon® Compromise Manager, which is designed to flag fraud attacks and data compromise significantly earlier to minimise losses and better protect customers, facilitating even greater collaboration between the banks. The results from these trials have shown significant improvement in CNP losses, and if adoption continues at the predicted rate, the UK is likely to be posting a similar reduction for two years running.