Britain has registered an18% spike in card fraud activity in 2015, mainly due to online transactions, according to a new report by FICO.
FICO’s European Fraud Map for 2015 revealed that the rise in card fraud in the UK equates to the loss of an additional £88.5m. About 75% (£66.7m) of that increase was driven by card not present (CNP) fraud, and £42.4m of CNP fraud came from e-commerce.
Martin Warwick, who provided the commentary in the report, said: “We cardholders are very demanding, and if we don’t get what we want then we let people know in the form of reviews and feedback, not to mention switching cards.
“Banks want to avoid intervening unnecessarily when customers are shopping on the internet. E-commerce spending in the UK has nearly quadrupled since 2007, so you see why this is such a target for criminals.”
The report says that card fraud increased in 10 of the 19 European countries studied. After UK, Greece, Denmark, France and Russia recorded the highest rises.
Among the 19 countries assessed, the UK accounted for nearly 43% of the total card fraud, the report highlighted.