Analytic software firm FICO has released an interactive map of European card fraud episodes, which reveals the UK saw Europe’s largest annual jump in card fraud losses for 2015. Most of the 18% rise in losses came from online transactions (reflecting the growth in this channel, the ease of accessibility to funds and lower risk for criminals) and the theft of personal data through cyber crime. Based on data collated by Euromonitor International, the online map shows that card fraud rose in no less than ten of the 19 countries studied, with Greece, Denmark, France and Russia posting the highest escalations after the UK.
The rise in UK card fraud equates to an additional £88.5 million being lost. Some 75% (£66.7 million) of that increase was down to Card Not Present (CNP) fraud, with £42.4 million of such fraud arising from e-commerce. The UK contributed about 43% of the total card fraud losses across the 19 European countries studied.
Why was the UK’s rise so steep, then? FICO fraud consultant Martin Warwick, who provides the commentary for the map, told The Paper that the increased rate of personal data compromise through data breaches was one likely cause, but that customer expectations of a seamless purchasing experience are also key.