According to recent data from FICO, an analytics software firm, as the number of card not present (CNP) fraud cases grow in Europe, the UK witnessed its first reduction in CNP fraud since 2011.
FICO's annual report: Evolution of Card Fraud in Europe surveyed 19 countries and has revealed that the UK experienced a decline of 8% of CNP fraud in 2017. The reduced number of fraud cases is said to be a result of the adoption of fraud protection platforms, which include FICO's Falcon.
While fraud cases have fallen in the UK, numbers of cases have grown in other regions throughout Europe; Hungary and Denmark saw increases of over more than 300%, which have been predicted to continue growing as fraudsters migrate across Europe. Card fraud losses in the EMEA region has resulted in an increase of $35.1m at a rate of 2% from last year.
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FICO fraud consulting director Toby Carlin said: "The UK threat of CNP has been persistent and growing extensively over the past seven years.
"Through huge investment in innovation and R&D into the preventative platforms used by the UK banks, they have now turned the tide. While this is fantastic news for the UK, it should come as a significant warning to other markets for the impending migration of attack."