PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

FICO: France Becomes Europe’s Leading Payment Card Fraud Victim

Mercator Advisory Group by Mercator Advisory Group
May 22, 2013
in Analysts Coverage
0
American Express Cuts Fees for Small Businesses to Double Its Presence - PaymentsJournal

Modern paying system. Cropped image of man paying with NFC technology on mobile phone being in cafe

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

FICO, one of the leading analytics and management software companies, announced earlier this week France had surpassed the United Kingdom for payment card fraud in 2012. While the majority of European countries saw card fraud level rise, France took the crown while accounting for 29 percent of Europe’s total losses. The U.K. checked in at 27 percent.

European card fraud losses overall increased 6 percent in 2012 over the previous year and were driven by higher losses in France, Russia and the United Kingdom, according to FICO. Those countries combined for over 80 percent of Europe’s increase.

Commenting on the news, Martin Warwick, FICO’s fraud chief for Europe said:

“France was the founder of the chip and PIN strategy for Europe, but the UK has taken a particularly tough stance against fraud in recent years, using the latest advanced fraud technology. “Despite a rise of 14 percent last year, UK card fraud losses were still 36 percent lower in 2012 than at their peak in 2008. By contrast, France’s overall fraud losses grew 65 percent between 2007 and 2012, which translated to an additional €174 million of card fraud losses over the period. France also has the highest lost-and-stolen card fraud level of all the countries in Europe.”

France experienced the largest increase in card fraud loss value, but Russia’s fraud has grown the most quickly and now is three times what it was in 2010. Warwick attributes the changing fraud loss destinations to the evolving behavior of fraudsters:

“Any successful reduction in fraud, like that driven by Chip & PIN, typically results in criminals changing their modus operandi to find a different weak spot, and fraud levels starting to climb again. Fraud is like a balloon — if you squeeze it out of one scheme, or one country, it bulges somewhere else.”

The upward trend of card losses in Europe is a bit disconcerting, given Europe, especially Western Europe, are some of the most EMV compliant areas in the world. Although EMV technology represents a considerable advance in security over magnetic stripe cards, the rising fraud losses are a stark reminder of the extreme difficulty in combatting payment card fraud.

Click here to read more from FICO.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    On-Demand Webinar: Solving the Digital Onboarding Challenge​ – Increasing Conversions without Increasing Risk

    On-Demand Webinar: Solving the Digital Onboarding Challenge​ – Increasing Conversions without Increasing Risk

    February 8, 2023
    legacy infrastructure

    How Modernizing IT Can Help Banks Compete With Fintechs

    February 7, 2023
    Buy Now Pay Later BNPL, B2B BNPL

    B2B BNPL Offers a High-Potential New Chapter in Payments

    February 6, 2023
    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix