- CyberCrime Center
August 18, 2014
Europe Records All-Time Card-Fraud Losses While More Genuine User Transactions Blocked
According to an article on cardnotpresent.com (link to article), overall losses to card fraud in the U.K. are the highest since 2008 and, “like many other countries that have migrated to chip-and-PIN, card-not-present fraud leads the way.” In one year, U.K. CNP losses jumped from $414 million to more than $505 million. In fact, when it came to losses from fraud, the U.K. and Russia led the way. Click this link for a European map of card fraud.
Blocking good customers
Martin Warwick, a principal fraud consultant at FICO, noted, “When fraud losses peaked in 2008, U.K. issuers sharply reduced card fraud through chip and PIN and fraud analytics. However, tougher fraud detection policies and thresholds also block more genuine transactions, and now the focus for U.K. banks and regulators is very much on improving the customer experience.”
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Posted by Dan Rampe
Tags: Account Takeover, Account Takeover Fraud, Bank Fraud, Building Trust on the Internet, CNP fraud, Context-Based Authentication, Cookieless Device Identification, Credit Card Fraud, Cyber attacks, Data Breach, Device Detection, Device Fingerprint, Device Fingerprinting, Device ID, Device Identification, Fraud Prevention, Hacking, Identity Spoofing, Identity theft, Malware, Malware Detection, Malware Protection, Man-in-the-Browser Detection, MitB, Mobile fraud, Online Fraud, Phishing, Phishing Detection, PII, ThreatMetrix, ThreatMetrix Cybercrime Index, ThreatMetrix Global Trust Intelligence Network, ThreatMetrix Web Fraud Map, Trust Tags, TrustDefender Cybercrime Protection Platform, Web Fraud
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