Card Fraud RSS
Issuers confront card fraud and account takeover in a post-EMV US
Card fraud is a multibillion-dollar moving target that continues to become ever more complicated for issuers due to the introduction of new channels and products. In fact, over the last year the rate of fraudulent new account openings increased 113%, according to Javelin’s 2016 Identity Fraud report. Confronted with the implications of the US EMV [...]
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UK payment cards annual fraud losses hit £567.5 million
Statistics by Financial Fraud Action (FFA) UK show fraud losses on UK payment cards totalled £567.5 million in 2015, representing an 18% increase from £479 million one year before. Significantly, total of £843.6 million of attempted card fraud was actually prevented by banks and card companies, which is the equivalent to £6 in every £10 of [...]
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Growth in card fraud outstrips sales growth
Fraud losses are at record levels worldwide. Card fraud worldwide grew 19 percent last year compared to card sales which grew only 15%, according to figures released by the Nilson Report. Global card fraud losses topped $16.3 billion in 2014 against global sales of $28.8 trillion. Fraudulent sales accounted for 5.65 cents in every $100 [...]
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European cross-border and card-not-present fraud on the rise
Card fraud losses across 19 countries in Europe rose an average of 6% in 2014, according to a new report based on data from Euromonitor International. But the low overall rise masks large shifts in so-called “cross-border” fraud, where criminals use data on cards from one country to commit fraudulent transactions in another country. UK card [...]
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Credit card fraud rising in Germany
New analysis shows that credit card fraud increased last year in Germany. In a sample of 7.5 million active cards issued in Germany, FICO found that losses due to fraud increased by 17% in the year from October 2013 to September 2014, compared to the previous year. This growth outstripped the growth in total card purchases, [...]
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