UK banks outperform Europe with £52m drop in card fraud loss

UK banks achieved a £52 million reduction in card fraud losses last year, marking the largest drop among 18 European countries, according to the updated European Fraud Map from FICO.

Analysis of data released by Euromonitor International and UK Finance found that the UK achieved the largest single reduction in card fraud at eight per cent, thanks to investment in anti-fraud activities and solutions by UK banks.

The reduction was achieved despite increased transactional volume and value in 2019.

More than half of the countries saw increases in card fraud losses in 2019, according to the report, including France and Italy, which together were responsible for 71 per cent of the monetary loss increases across the 18 countries studied.

Toby Carlin, director of fraud consulting in EMEA at FICO, said: “Following a frustrating increase in 2018 - largely caused by an explosion of data compromise ‘bust out’ events - much of Europe has once again turned the tide on fraudsters, achieving a combined two per cent overall reduction.”

He said that 2020 had been a challenging environment, with COVID-19 having significant impacts on the transaction mix and threat.

“While our Fraud Map focuses on plastics fraud and, in particular, card-not-present fraud, this is just part of the story - the biggest threat today comes from digital fraud and scams which continue to increase exponentially across all markets,” concluded Carlin.

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.