|By PR Newswire||
|August 4, 2014 02:31 AM EDT||
LONDON, August 4, 2014 /PRNewswire/ --
FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today published its latest map of card fraud in Europe, showing that card fraud losses in 2013 for the 19 European countries studied reached €1.55 billion. This figure was a new high, and slightly more than the previous peak in 2008, according to data supplied by Euromonitor International, a provider of global strategic market intelligence.
While the UK experienced £450 million in losses, the highest level since 2008, both France and Greece had higher ratios of fraud losses to card sales, at 7 basis points (.07 percent). The fastest growth of card fraud losses in Europe occurred in Russia, where losses jumped nearly 28 percent since 2012.
"When fraud losses peaked in 2008, UK issuers sharply reduced card fraud through chip and PIN and fraud analytics," said Martin Warwick, a principal fraud consultant at FICO in EMEA, who provided the commentary for the map. "However, tougher fraud detection policies and thresholds also block more genuine transactions, and now the focus for UK banks and regulators is very much on improving the customer experience. To counteract the resulting increase in fraud, we're beginning to see issuers look to such technologies as interactive, automated customer communication services that contact customers in real time when a transaction triggers a fraud alert. This technology helps balance the need to protect customers from fraud with the need to provide a positive purchase experience."
The UK and France suffered 62 percent of the total fraud losses for the 19 countries in the fraud map, reflecting their higher rates of card usage, which make them targets for criminals. Ten of the countries saw a rise in fraud compared to 2012, while nine stayed the same or saw reduced losses.
"These losses are a wake-up call that should start a new wave of anti-fraud initiatives by regional bodies and card issuers," Warwick said. "After the previous peak, in 2008, this led to new fraud migration patterns. Unfortunately, many organizations do not maintain continuous investment in fraud prevention systems and staff - they invest only when the problem grows. The companies and countries that aren't investing this year will be the new targets for criminal activity."
FICO's European Fraud Map shows card fraud losses from 2006-2013 for 19 countries, across five categories, including counterfeit fraud, card stolen and ID theft. Country-specific information shows how fraud has evolved, and indicates new risks in such areas as ID theft, counterfeit cards and online fraud. Regional trends include the increase in card-not-present (CNP) fraud online. The map can be accessed at http://www.fico.com/landing/fraudeurope2013. FICO fraud solutions help banks manage their enterprise-wide fraud challenges. FICO® Falcon® Fraud Manager is the world's leading card fraud management solution, and protects more than 2.5 billion payment cards worldwide.
FICO (NYSE: FICO), formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at http://www.fico.com.
For FICO news and media resources, visit http://www.fico.com/news.
FICO, Falcon and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.
Jul. 25, 2016 12:00 PM EDT Reads: 1,806
Jul. 25, 2016 12:00 PM EDT Reads: 1,643
Jul. 25, 2016 11:45 AM EDT Reads: 848
Jul. 25, 2016 11:00 AM EDT Reads: 1,560
Jul. 25, 2016 11:00 AM EDT Reads: 883
Jul. 25, 2016 10:53 AM EDT Reads: 237
Jul. 25, 2016 10:30 AM EDT Reads: 1,927
Jul. 25, 2016 10:30 AM EDT Reads: 236
Jul. 25, 2016 10:15 AM EDT Reads: 1,856
Jul. 25, 2016 10:00 AM EDT Reads: 959
Jul. 25, 2016 09:45 AM EDT Reads: 680
Jul. 25, 2016 09:45 AM EDT Reads: 1,117
Jul. 25, 2016 09:45 AM EDT Reads: 1,653
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 25, 2016 09:30 AM EDT Reads: 900
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 25, 2016 09:30 AM EDT Reads: 698