According to data from Euromonitor for 2013, the amount of credit card fraud across 19 European countries (including Russia) accounted for EUR 1.55 billion.
However, the rate of fraud in France, in terms of the amount of losses caused by fraud per card transactions, is the highest, followed by Greece and the UK. In terms of overall losses in financial terms, UK was hit the hardest, with losses reaching up to EUR 535 million. France came next with EUR 429 million losses.
Findings also reveal that, comparing the fraud rates to those of 2012, France saw just a slight jump of 1%, compared to 16% in the UK and 27.6% in Russia. Together, the UK and France suffered 62% of the total losses caused by card fraud among the 19 countries that were studied.
According to financial consultant Martin Warwick, France’s adoption chip and pin technology has forced criminals to find other ways stealing money. They are thus overcoming chip and pin technology by turning to ID theft. Identity theft includes both fraudulent use of personal data and hacking of bank accounts.
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