Credit card fraud in Europe hits $1.83B
Europe's card fraud losses amount to over $1.83 billion, with the U.K. accounting for 45.36% of the losses at Є706.9 million ($833 million) and France accounting for the second-highest losses at Є440.9 million ($519 million), according to research data Buy Shares.
The rest of the rankings put Germany in third place at Є91.5 million ($108 million) losses, while Spain closely follows with losses totaling to Є90.6 million ($107 million). Italy is fifth with Є67.1 million ($79 million) in card fraud losses, and Romania has the least losses at Є2.9 million ($4 million).
The U.K.-issued debit and credit cards as of 2019 showed the highest losses at 76%; followed by stolen or lost cards at 15%; card ID theft at 6%; counterfeit cards having a share of 2%. and cards not received had the least share at 1%.
The Buy Shares research pointed out the role of payment institutions in curbing card fraud in the 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."