The rise was the highest registered in 19 European countries, UK contributing 43% of the total card fraud losses across Europe. FICO said card fraud was a growing challenge for the financial services industry as more and more consumers conduct transactions or shop online.
Most of the increase in card fraud in UK came from online transactions and the theft of personal data through cybercrime.
Martin Warwick, FICOs fraud chief in Europe said that ecommerce spending in the UK has nearly quadrupled since 2007, so that’s why this is such a target for criminals. Moreover, banks want to avoid intervening unnecessarily when customers are shopping online.
Overall, 10 of the 19 countries studied saw increases in card fraud in 2015, with Greece, Denmark, France and Russia posting the highest rises after the UK.
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