Cross Border Fraud a Growing Problem
According to a report from analytic software company Fico, card fraud losses in Europe rose by an average of 6% last year.
Cross border forms, where criminals use data on cards from one country to commit fraudulent transactions in another country, is proving to be a growing problem, accounting for the £29million annual rise in UK card fraud losses.
Ecommerce spending in the UK more than doubled between 2008 and 2014 and CNP (card-not-present) fraud losses have grown just 1% in that time.
Fico’s fraud chief in Europe, Martin Warwick, said: “Identity theft has become an opportunity for criminals to exploit in this digital age of banking.
“As more and more people embrace the ease of banking and shopping digitally, using the ever-expanding collection of tablets, phablets, smartphones and laptops, it becomes difficult to identify the person making the payment or purchase and there becomes an ever-increasing risk that criminals will exploit this opportunity.”