Data analysis company said FICO.

In the new European fraud mapFICO analyzes data EUROMONITOR INTERNATIONAL In 18 countries, fraud loss indicating that the card does not have (CNP) fraud dominant, and it is increasing in most countries.

“While card fraud loss figures are still below the 2015 peak of €16.42 billion, recent years show that fraud in Europe is steadily rising to that number.” James Rochethe main fraud consultant of EMEA FICO. “The UK also follows a similar trajectory to the rest of Europe, in line with FICO, a shared approach taken from scams and major frauds in Europe and through programs like PSD and PSR over the past decade.”

In fact, in EMEA, card fraud losses increased from 1.493 billion euros in 2021 to 1.578 billion euros in 2024.

Fraud issues in the UK

In 2024, UK Finance Reports totaled £572.6 million Card fraud The loss is 3.9% higher than £551.3 million in 2023. This goes against the trend of card loss trends over the past few years and the broader trend of stabilization in the UK payment landscape, which is why people are concerned.

Non-existent card (CNP) fraud remains the leading category of fraud, accounting for approximately 70% of the total card fraud losses. This is an 11% increase from 2023 and puts the UK at the top of the league for European CNP fraud losses, highlighting the ongoing risks associated with remote trading.

In contrast, the loss of identity (ID) fraud has dropped significantly by 26% to £5.87 million, indicating the shift in criminal behavior from ID theft to social engineering, data compromise and scams. The growing use of fraud-enhanced, such as biometrics and behavioral monitoring tools, may also lead to a decrease.

The continued investment in the UK and EU financial services in full customer journey visibility and data sharing also enables identity characteristics to be monitored from boarding through early books and the ongoing lifecycle phases of the customer journey.

“The UK has long been a leader in deploying innovative fraud technologies, and it is clear that the challenges are still growing,” Roche added. “As the PSD3 regulations are now in effect throughout Europe, we are seeing fraud prevention teams moving towards a unified fraud risk assessment. Continue to invest in prevention tools, e.g. Scam Signalintelligence-led fraud detection is crucial to protecting card portfolios from evolving threats. ”

Pictures of fraud in Europe

FICO revealed elsewhere in Europe that Hungary had the largest growth, accounting for 22%, although card fraud losses in Norway, Denmark and Hungary also increased significantly. The only countries that saw a drop in fraud levels were Portugal and the Netherlands.

Norway’s fraud losses incurred sharply in the past few years, from €14 million in 2021 to €26.4 million, up 8% in 2024 alone. Denmark has also shown more than double the fraudulent losses (19.6 million to 47.6 million euros) since 2021, an increase of 20% in 2024 alone.

Greece also saw significant growth, tripling since 2021, from €13.4 million to €28.4 million, up 20% in 2024. Similarly, Sweden’s losses increased from €131.1 billion to €2.42 million to €2.42 million, up by about 85% over three years, about 85% over three years, and about 85% over the 2024 period.

Positive signs

Although the overall trend of EMEA losses is slow to upward trend, some countries are seeing a downward trend in their card fraud losses. Since its peak in 2018, France’s losses have gradually declined, but have steadily declined. Now, they sit down for €409.2 million, the second highest loss in 18 countries, but sets a good example for controlling losses.

Ultimately, Türkiye has significantly lowered its losses in 2024 with a loss of €1.1 million, but they have also consistently reduced fraud losses, with their fraud losses at €14 million since its peak in 2010. However, in 2024, fraud in Turkey increased by 5%.

“Because of the PSD3 regulations that will take effect throughout Europe in the coming years, financial institutions must work harder than ever to combat new fraud models and improve customer service,” Roche concluded. “We see many emerging approaches that use 360-degree customer analysis to assess fraud and financial crime risks across all channels and products, as well as the entire life cycle of customers (we boarded on the plane at FICO). We believe this approach is crucial.