UK Card Fraud Falls 8 Percent in 2017 as Criminals Seek New Battlegrounds
HIGHLIGHTS:
UK losses fell 8 percent due to success battling card not present fraud- Total card fraud losses across the 19 European countries studied grew by €30 million, or 2 percent
- The
UK ,France andRussia account for 77 percent of card fraud losses in EMEA - Interactive online map from
FICO and Euromonitor International compares fraud loss trends across the region
More information: http://www.fico.com/europeanfraud/
The
"The
While eight countries saw a rise in card fraud levels,
"As well as fraud migration, we are also seeing an evolution of fraudulent exploitation using cyber-enabled crimes," Carlin said. "The total size of the cyber-enabled threats will come to the fore as PSD2 reporting comes into play across
How to Fight Back
"The rise of Internet and mobile banking has brought with it access to instant payments and decisions, creating a world of opportunity for criminals," Carlin said. "Real-time payments are irrevocable once cleared, and the average loss per case is increasing from hundreds to thousands."
In response, Carlin said European markets are demanding an innovative prevention mechanism. "Fraud defence must be real-time, based on a collaboration of prevention effort, and utilise machine learning and artificial intelligence. It must also be channel-agnostic, operate at an enterprise level, incorporate data seamlessly into real-time decisions, and enact automated customer interactions and authentication without the need for human intervention."
FICO continues to be the leading innovator in the global fight against fraud and has built its prevention platform, the FICO® Falcon® Platform, around these key pillars of an effective strategy. This multi-layered approach is the only way to be truly successful in fraud prevention across the enterprise, but especially in CNP and cyber-enabled threats. In the
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SOURCE FICO
Will Thompson for FICO, Email: fico@catalysis.co.uk, Phone: 020 7759 201