Data presented by Buy Shares indicates that Europe’s card fraud losses amount to over 1.55 billion euros. The United Kingdom accounts for 45.36% of the losses.
CNP accounts for major card fraud losses
The U.K losses stand at Є706.9 million with France accounting for the second-highest losses at Є440.9 million. Germany is ranked third at Є91.5 million while Spain closely follows with losses totaling to Є90.6 million. Italy is fifth with Є67.1 million in card fraud losses. From the data, Romania has the least losses at Є2.9 million.
The Buy Shares research pointed out the role of payment institutions in curbing card fraud. According to the research report:
“In general, payment companies need to deploy multiple techniques to prevent fraud like machine learning and behavior analytics to identify unknown behavior on accounts. There is also the need to set up rules that target known threats and behaviors that could indicate fraudulent activity. Combining the mentioned techniques will create a hybrid monitoring solution. There is a need for cross border cooperation like the use of integrated fraud and risk prevention services. The services incorporate modern modeling techniques.”
The research further highlighted the distribution of fraud losses on UK-issued debit and credit cards as of 2019 by type. Remote purchase accounts for the highest losses at 76% followed by stolen or lost cards at 15%. Card ID theft is third with a share of 6% with counterfeit cards having a share of 2%. Cards not received has the least share at 1%.
